On what date Cassie turnover exceed VAT Registration limit

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Reference no: EM133006707

Question - Cassie began trading on 1 July 2020. For the 7 months to 31 January 2021, she made potentially taxable supplies (standard rated) totalling £56,500, and zero-rated supplies amounting to £20,000. Over the next 2 months, she made the following supplies:

 

Standard rate

Zero rate

February 2021

12,500

1,500

March 2021

11,400

2,600

Required -

1. On what date did Cassie's turnover exceed the VAT Registration limit? Provide your workings and an explanation.

2. By what date should Cassie notify HMRC?

3. From what date will she be registered?

4. VAT is generally regarded as a regressive tax. Explain, with examples, what is meant by the term 'regressive' with reference to VAT in the UK.

Reference no: EM133006707

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