After registration
Every VAT registered business needs to ensure that organized to deal with VAT correctly and on time:
- Ensure that every VAT registered business is managed with VAT accurately and on time:
- Is there anyone in your business who controls VAT accounting and makes sure that new products, etc., are adequately treated for VAT purposes?
- Does your business system ensure that all output taxes and input taxes correctly recorded?
- Does the system apply to ensure that adequate evidence obtained to support V VAT input tax claims?
- Where VAT is not levied on supplied goods, is it lawful and proper evidence intact?
- Are there systems to ensure that non-deductible input tax is non-refundable, e.g. more VAT on motor cars or business entertainment?
- Is VAT always considered before concluding a contract?