2020-09-24
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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.
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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:
| 1.Did you have any problems finding us? | A. |
| 2.Would you like coffee or tea? | B. |
| 3.Did it take you long to get here? | C. |
| 4.Who are your major clients? | D. |
| 5.How did you hear for our firm? | E. |
| 6.How would you like us to help you? | F. |
| 7.Hallo Mr. Jones, pleased to meet you. | G. |
| 8.Could you tell me more about your company? | H. |
| 9.Thank you for coming. | I. |
| 10.How long have you been in business? | J. |
In pairs, ask and answer the questions from the exercise above.
3. Work with a partner. You are a tax consultant and your partner is a major client from another town. Thank him or her for coming and make sure he or she feels welcome. Before approaching professional matters, go through some small talk. Offer to entertain your client after working hours.
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VOCABULARY FOCUS
account for (v) составлять
accounts учет; отчетная документация; бухгалтерская отчетность
allowable допустимый; приемлемый
annual turnover годовой оборот
apply to (v) применяться к; подходить
be subject to подлежать; подпадать под действие; быть подверженным
circumstance обстоятельство
congestion charge зона платного въезда
counter (v) противопоставлять
consumption tax налог на потребление
broad-based consumption tax налог на потребление с широкой базой
selective consumption tax выборочный потребительский налог
corporate income tax налог на прибыль организаций
daily takings ежедневная выручка
deemed to be быть расцененным; приравниваться
discretionary income дискреционный доход (часть чистого дохода потребителя, предназначенная для расходов по собственному усмотрению после обязательных расходов на налоги и на удовлетворение основных потребностей)
end-consumer конечный потребитель
essentially по существу; в основном
excise duties акцизы
exempt from (v) освобождать (от обязанности налога)
fare плата за проезд
grab rail поручень
generate (v) образовать; сгенерировать; сформировать
implement (v) реализовать; воплощать; ввести в действие
impose (v) облагать налогом; налагать обязательства
initially первоначально; с самого начала
inputs производственные ресурсы; сырье и материалы
input tax налог на выпуск; добавленный налог
input VAT входящий НДС
invoice счет-фактура; накладная
levy (v) облагать (налогом); собирать; взыскивать
likelihood вероятность; возможность
likewise подобно; также; аналогично
MoT test техосмотр
offset (v) возмещать; компенсировать
output tax сумма налога, исчисленная по реализации; налог на объем производства
output VAT выходящий НДС
personal income tax подоходный налог с физических лиц
previously прежде; раньше; предварительно
proceeds (pl) вырученная сумма; прибыль
purchase invoice счет-фактура закупок; счет на закупленные материалы
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purchase price цена на потребительские товары; покупная цена
reclaim VAT (v) обращаться за возмещением НДС
recover (v) получить обратно; возвращать
refine (v) измельчать; очищать (рафинировать); перерабатывать
refund возврат суммы; возмещение расходов
remit (v) направлять; пересылать; передавать на решение в надлежащую инстанцию
retain (v) сохранять; оставлять; удерживать
reverse (v) менять
sales invoice счет за проданные товары
sales tax торговый налог
statutory fees определенные государством, предусматриваемые законом вознаграждения
stipulate (v) обусловливать; предусматривать
straightforward ясный; однозначный
substitute (v) заменять
supply chain цепь поставок; цепочка поставщиков
tax evasion уклонение от уплаты налогов (незаконное)
tax haven налоговая гавань; государство или территория, предоставляющее льготный налоговый режим
tax revenue налоговые поступления
timber company лесопромышленная компания
total tax общая сумма налога
ultimately в конечном итоге
unduly чрезмерно; излишне
value added добавленная стоимость
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VAT payable подлежащий удержанию налог на добавленную стоимость
VAT return налоговая декларация по НДС
VAT (Value-Added Tax) НДС (налог на добавленную стоимость)
PART 3
