What is the SQE?
Who is the SQE for?
Costs and fees
Case studies
Dates and locations
Assessment information
The assessment day
Results and resits
Due to inactivity, and for security reasons, you will be automatically logged out of your SQE account in 1 minute.
Press ’continue’ to stay logged in.
The monitoring and maximising diversity survey has been updated. Please return to the survey to reconfirm your answers and complete the new section at the end.
You must do this to remain eligible for the SQE. You will not be able to book your next assessment until you have updated your answers.
A new firm of solicitors is voluntarily registered for Value Added Tax (VAT) and makes only standard-rated supplies. During the relevant VAT period it charges output tax of £10,000 on its services and it pays input tax of £20,000 on goods it buys for the purposes of its business and on its heating bills.
Which of the following statements best describes the firm’s position at the end of the relevant VAT period?
A. The firm does not have to pay any VAT and cannot reclaim any VAT.
B. The firm can reclaim £10,000 VAT.
C. The firm can reclaim £20,000 VAT.
D. The firm must pay £10,000 VAT.
E. The firm must pay £20,000 VAT.
B - The firm can reclaim £10,000 VAT.
Create your personal SQE account and book your assessments.
Find out what happens after passing the SQE and admission to the roll of solicitors.