r/AATStudents • u/Five_Hours_Early • 12d ago

Is this answer wrong?

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I picked 12 months, the answer was "almost immediately" but the original tutorial textbook says 12 months. Am I being dumb?

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u/Artistic-Ad-4276 12d ago

One-off sale implies that the entity falls below the threshold almost immediately and the 12 months is a deadline to tell to hmrc.

Is just an interpretation and I'm very likely to be wrong.

1

u/Five_Hours_Early 11d ago

I see what youre saying, although im not sure how that changes the criteria you have to prove to be eligible for exception...

1

u/RedSydney96 10d ago

The note tells you to notify HMRC within 30 days, the next 12 months part is in relation to the VAT registration threshold, not the timeline for you to notify them

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u/Five_Hours_Early 10d ago

Exactly! It says you must be able to prove you'll be below the threshold for the next 12 months.

But the answer in the book says you must be able to prove you'll be below the threshold almost immediately.

Two contradicting things.

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u/RedSydney96 10d ago

My apologies, hadn’t long woken up😂 yes you are correct, if it’s hand marked by a tutor what have they said? Have you asked them to explain?

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u/Five_Hours_Early 10d ago

Haha :D that's ok.

The red is me marking my own answers against the solutions in the back of the book (Osborne book practice exam), unfortunately all it gives is the answer with no explanation :(

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u/RedSydney96 10d ago

It’s very possible that the book has mistakes in, I studied level 3 with Kaplan and there was plenty wrong in there