Skip to main content

Quiz: Do you understand VAT and bad debts?

Related article: What happens if you pay VAT to HMRC but never receive the VAT back from your client? You may be able to reclaim the VAT.

Quiz: Do you understand VAT on discounts?

Try this quiz to see if you can calculate VAT on discounts. To answer, check a tick box against one of the options below and click submit to reveal the answer. 

A supplier offers a customer a trade discount of 10% for orders over £500, and a prompt payment discount of 2.5% if the invoice is paid within seven days. The customer places an order for £600 (net) and pays within seven days. The amount the customer pays is:

Share this content
Revolut logo

Brought to you by:

Revolut Business

Revolut Business is the one platform for all your business finance needs. Enjoy a business account that’s a joy to use – with low fees, total transparency, and easy admin at any scale. 

Visit Revolut's website

Register with Informi today:

  • Join over 30,000 like-minded business professionals.
  • Create your own personalised account with curated reading lists and checklists.
  • Access exclusive resources including business plans, templates, and tax calculators.
  • Receive the latest business advice and insights from Informi.
  • Join in the discussion through the comments section.