This checklist explains some basic features of good practice and tests, which arguably need to be conducted regularly by many business persons, including small businesses. As VAT is a tax on supplies, importations and acquisitions, i.e. transactions as they take place, usually VAT planning is not possible once the tax point (time of supply) has passed.

The points in the checklist merely draw attention to certain issues and highlight where further work may be needed by an adviser.

Subjective judgment by the adviser at an early stage, based on individual circumstances, is vital. The checklists are a mere aid and cannot replace such judgment.

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