Test yourself Question 1 of 5 Question 1 of 5
A shopkeeper closes and takes home unsold stock bought with VAT deducted. What happens for VAT?
Nothing, since there is no buyer It is a supply of goods subject to VAT The deducted VAT is simply lost The stock must go back to the supplier
Question 2 of 5 Question 2 of 5
On what value is VAT charged for goods kept on closing?
The original purchase price The retail price The purchase price at the time the goods are taken over The cadastral value
Question 3 of 5 Question 3 of 5
A flat-rate professional closes and keeps equipment bought under the flat-rate scheme. Is VAT due on it?
Yes, at 22 % Yes, at a reduced rate No, because no VAT was deducted on purchase Only above €1,000
Question 4 of 5 Question 4 of 5
According to paragraph 4 of article 35, what must the last annual VAT return include?
Only the last quarter's invoices VAT on private use and on transactions not yet chargeable as well Only refundable credits Nothing, since the VAT number is closed
Question 5 of 5 Question 5 of 5
A business keeps a machine with €2,000 of undepreciated cost and a normal value of €5,000. What gain goes into income?
€2,000 €3,000 €5,000 None
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