Two of the following statements are correct: A.Capital gains tax applies to both individuals and companies. B. Value added tax (VAT) is administered by HMRC. C. Sole traders are exempt from any requirement to charge VAT on sales. D)Corporation tax is charged on the profits of companies and partnerships but not on the profits of sole traders.
Which statements are correct?

Question

Quizplus · Accepted Answer

A. Capital gains tax does apply to both individuals and companies, affecting the profit made from selling assets. B. Value added tax (VAT) is indeed administered by HM Revenue and Customs (HMRC) in the UK.

Two of the Following Statements Are Correct: A