Our handy factsheet focuses on VAT matters of relevance to the smaller business. This includes:

• VAT return and payment deadlines
• Input tax
• Private and non-business use
• Business entertainment
• Business gifts
• Cars and motoring expenses
• Output tax issues

Our primary aim is to highlight common risk areas as a better understanding can contribute to a reduction of errors and help to minimise penalties.

Another key ingredient in achieving that aim is good record keeping, otherwise there is an increased risk that the VAT return could be prepared on the basis of incomplete or incorrect information.

Download a copy of our full business update below.