APC Roadshow Wednesday Workout 09.06.21

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Quiz - No.62 - Domestic Reverse Charge VAT

1. Which companies does the Domestic Reverse Charge apply to?

1 point

Companies in the Construction Industry Scheme

VAT Registered contractors and sub-contractors in the construction industry scheme

Non-VAT registered clients

Vat registered sub-sonctrators

Clear selection

2. When does the Domestic Reverse Charge come into effect?

1 point

1 October 2019

1 October 2021

I March 2020

1 March 2021

1 October 2020

Clear selection

3. Why have HMRC adopted the Domestic Reverse Charge scheme?

1 point

New legislation is being introduced as an anti-fraud measure

A better way of accounting

Updates due to brexit requirements

Countering sophisticated criminal attacks on the UK VAT system

To cater for the increased VAT rate of 25%

4. Select three exemptions where the Domestic Reverse Charge does not apply?

1 point

Supplies of VAT exempt building and construction services

Refurbishment works

Supplies of staff or workers.

Domestic clients

Supplies that are not covered by the CIS, unless linked to such a supply.

5. What must be stated on an invoice when this new VAT scheme applies?

1 point

VAT Discount Applied

VAT Exempt

VAT Reverse Charge Applied

Domestic Reverse Charge

Clear selection

6. What other topic support can we help you with?

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