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Exercise 4. Text completion.

Read the text and complete it with the following words.

output VAT                        VAT return               debit notes

delivery notes            abroad                     purchase invoice

stipulate                    input VAT                 exempt

 

Completing a VAT Return

At the end of tax period, all VAT-payersmust submit a _________ (1). The deadline for VAT payment is usually the same as the deadline for submitting a VAT return. The amount of VAT sometimes can be quite substantial; therefore, some countries have adopted schemes that allow VAT payers to pay in monthly or quarterly instalments, based on the estimate of their total VAT liability for the year.

    Completing a VAT return can be a lengthy and complex procedure, particularly when considered that different rates may apply to different goods and some products may be entirely _________ (2) from VAT. Basically, VAT return involves calculating the _______ (3)(VAT charged on sales and services) and deducting the ________ (4) (VAT that a taxpayer claims on the amount paid to suppliers for goods and services).

    VAT laws in many countries ________ (5) that taxpayers must keep all their business records related to VAT. The list of documents can be very extensive and may include: annual financial statements, bank statements and paying-in slips, cash books, credit or _________ (6), documents supporting special VAT treatment, import and export documents, orders and _________ (7), purchaseand sales books, purchase invoices and copy sales invoices, records of daily takingssuch as till rolls, etc.

    The most important part of the VAT business records is a VAT invoice – either a VAT invoice issued by a company (sale invoice) or a VAT invoice a company receives (____________ (8)). A VAT invoice should include a number of details: an invoice serial number, the date of supply, the name, address and the VAT registration number of the supplier, the name and address of the purchaser, a description and quantity of goods supplied or services provided, the unit price, the rate of VAT, the amount payable excluding VAT, the gross total amount payable, the total amount of VAT chargeable.

    If a company sells goods and services abroad, it does not charge VAT, although it may still deduct VAT paid on related expenses. If a company buys goods and services from a supplier based __________ (9), it must pay VAT at the point of import. This amount may be deducted in a company’s next VAT return, if a company makes sales that include VAT.

 

Exercise 5. Match the words to their meaning

 

1. VAT Liability A. the point at which a company reaches a level of turnover in which it needs to register( ) for VAT
2. VAT Deduction B. total sales volume during a year
3. VAT Threshold C. a form provided by the tax authorities on which a taxpayer reports its VAT liability
4. VAT Return D. VAT that a taxpayer claims on amount paid to suppliers for goods and services purchased
5. Annual Turnover E. an itemized bill
6. Invoice F. output VAT less input VAT
7. Retail Price G. an amount of VAT owed to the government’s taxation authorities
8. Output VAT H. the price that the end-user of a product pays
9. Input VAT I. an amount deducted from a taxpayer’s VAT liability
10. VAT payable J. VAT that a company calculates and charges on its own sales of goods and services

 

 

SPEAKING FOCUS

1. Discuss the advantages and disadvantages of VAT. Consider:

· businesses whose clients are not VAT-registered

· administrative and accounting costs of VAT

· tax evasion

· impact on public revenue

 

Communicating with Clients.

Being a tax professional is not all about numbers, percentages, deductions, allowances and other professional issues. Your job probably involves meeting clients and discussing topics other than taxation. It is particularly important to make a good impression when meeting a client for the first time. Below are some phrases that should make your conversation smooth and help you appear both cordial and professional.

 

Put the phrases below into the correct order – there is more than one way to do it:



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