ExpertEasy2 marksMultiple Choice
ACCA · Question 19 · Value added tax (VAT)
Section B - Case 1: Nimbus SaaS Ltd
Nimbus SaaS Ltd is a UK-based tech startup providing cloud software subscriptions. The company supplies digital services to both B2B (business) and B2C (consumer) clients globally.
Nimbus submits quarterly VAT returns. For the quarter ended 31 March, what is the deadline for submitting the VAT return and paying the VAT due electronically?
Section B - Case 1: Nimbus SaaS Ltd
Nimbus SaaS Ltd is a UK-based tech startup providing cloud software subscriptions. The company supplies digital services to both B2B (business) and B2C (consumer) clients globally.
Nimbus submits quarterly VAT returns. For the quarter ended 31 March, what is the deadline for submitting the VAT return and paying the VAT due electronically?
Answer options:
A.
30 April
B.
7 May
C.
31 May
D.
7 April
How to approach this question
Recall the standard VAT filing and payment deadline: 1 calendar month plus 7 days after the end of the VAT period.
Full Answer
B.7 May✓ Correct
For businesses submitting electronic VAT returns and paying electronically, the deadline is 1 calendar month and 7 days after the end of the VAT quarter. For the quarter ended 31 March, one month is 30 April, plus 7 days makes the deadline 7 May.
Common mistakes
Selecting 30 April, forgetting the 7-day extension for electronic filing/payment.
Practice the full ACCA TX — Taxation Practice Exam 4
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