TPFB Recap

ABD & Co is a Vat registered business which only supplies standard rated services.  The finance assistant is preparing the Vat return.  However he has a query over three invoices which all include Vat at 20%:  £230 for staff entertaining, £450 for a laptop computer and £329 for client entertaining.  What is the total amount of input Vat that ABD & Co can claim for these invoices on its Vat return?

• £93.16

• £113.33

• £129.83

• £168.16

Enrique runs a VAT registered business.  A new customer orders standard rated goods with a list price of £5,000.  Enrique issues a pro-forma invoice dated 29 September.  Payment for the goods is received on 3 October and the goods are delivered to the customer on 5 October.  A VAT invoice is issued by Enrique to the customer on 6 October.  What is the tax point?

• 29th September

• 3rd October

• 5th October

• 6th October

A VAT registered business issues a credit note to one of its customers.  The credit note is for £100 plus VAT at 20% and relates to an invoice of £560 plus VAT at 20%.  What will be the effect on the VAT due to be paid to HMRC?

• It will increase the VAT payable by £20

• It will decrease the VAT payable by £20

• It will increase the VAT payable by £112

• It will decrease the VAT payable by £112

If a business does not make any payments to employees which document must it submit?

• FPS

• P60

• P11D

• EPS

How do you calculate taxable pay?

• Gross pay - NIC - PAYE

• Gross Pay - Employer Pnesion

• Gross Pay - Employee Pension

• Net pay + Employee Pension

What is the deadline for submitting an FPS?

• One month after the date of payment

• On the date the employees get paid

• The end of the tax year

• Two weeks before the date the employees get paid