Invoices, applications for payment and statements

Question 1

What is an invoice

Answer 1

Invoices are formal requests for payment from one party to another
tax is due as soon as the invoice is sent

Question 2

What is contained in an invoice

Answer 2

Name
Address
Customer order no. 
Reference no.
VAT registration numbers
Description of work

Question 3

What is an application for payment?

Answer 3

An application for payment is the same as an invoice only the output tax is only due when a payment is received

Question 4

What is a statement?

Answer 4

A statement is a notification of outstanding invoices or transactions used to act as a reminder and reduce confusion

Question 5

What are statutory cancellation rights?

Answer 5

Cancellation rights give the consumer the rights to cancel a contract without liability within a specified time period.

Question 6

Give examples of where cancellation rights exist

Answer 6

where a consumer cannot examine the purchase before hand
Where the trader can unduly pressurise customers to buy
Where consumer has little opportunity to compare different traders

Question 7

What is handover information and why is it important?

Answer 7

Handover information needs to be delivered in order to achieve practical completion

Question 8

What is to be included in handover information

Answer 8

A design philosophy and statement - outlines of building design
Regulation tests and approvals - Test certificates
Building leakage test certs
Energy performance certificates
Electrical test info
Lighting compliance certs
Emergency lighting certs
Fire alarm certs
Emergency voice communication
Construction plans at a scale of 1:50 or 1:00
Lighiting compliance