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3
3.1 TRUE/FALSE QUESTIONS
Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. In your answer book, write down only the question number and next to the number either True or False.
Example: If you believe sub-question 3.1.4 is true, then write down: 3.1.4 True.
3.1.1 All formal businesses must be registered for VAT.
3.1.2 Registered businesses must submit their VAT returns every month.
3.1.3 Salaries and wages are exempted from VAT. (3)
Expert Solution
3.1.1 False. Some traders are not registered for VAT because their business have a lower turnover income.
3.1.2 False. Registered business must submit VAT return and any payments to HMRC on a quaterly basis.
3.1.3 True. Value Added Tax (VAT) is a taxation on consumption.Salary is specifically income of any person.Sp it won't be included in VAT.
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