Lesson Eight Flashcards
1
Q
Is income tax direct or indirect tax?
A
Direct
2
Q
What are examples of deductions from gross pay?
A
Student loans and NI
3
Q
what is included on an FPS and an EPS?
A
both submissions must include the HMRC office number, the employer’s PAYE reference, the accounts office reference and the relevant tax year on the submission.
4
Q
How is vat law managed in the Uk and Northern Ireland?
A
Parliament approves finance acts which set the vat rules which are enforced by Himrs a government department.
5
Q
What is the fraction for reduced rate ?
A
1/21
6
Q
What is fraction of standard rate ?
A
1/6
