VAT
Charging it, reclaiming it and working out what is owed to HMRC.
See the first roomCharging VAT
Rooms in this module
How this works
Each room answers one problem. A task is a few lines of reading, then questions you answer in the books: post to an account, type a figure, sort, match or write a journal. Every answer is marked at once, with the rule behind it. There are no videos.
Words in this module
- Input tax
- Input tax is the VAT a business pays on its purchases and expenses. It can usually be claimed back from HMRC.
- Output tax
- Output tax is the VAT a business charges on its sales. It is owed to HMRC.
Questions
How many rooms and questions are in VAT?
2 rooms and 16 questions. Every question is marked at once.
How long does it take?
About 22 minutes in all. A room takes 10 to 12 minutes, so you can do one at a time.
Is it free?
No. These rooms need Premium, or the VAT pack bought once. Each room shows the start of its first task before you pay.
What should I do first?
Bank reconciliation. It is the module before this one in Bookkeeping foundations.