ICB Exams – Prompt Payment Discounts

New legislation showing how VAT should be entered after prompt payment discounts came into effect on 1 April 2015.  Unfortunately, HMRC has not yet finally decided how these changes should be reflected in the production of accounts. The ICB has therefore decided that prompt payment discounts will not appear in any of its exams for at least six months after 1 April.  However, to make sure that things are not thereby made too easy for you, questions are likely to give candidates an invoice to complete which will have a combination of different levels of VAT, e.g. standard and zero-rated or standard and reduced rate. We have been provided with a sample question and solution in this type of question and this is now distributed with our course material. If you have any difficulty in following this your Tutor will be glad to assist.

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