{"id":6916,"date":"2022-11-17T15:07:46","date_gmt":"2022-11-17T15:07:46","guid":{"rendered":"https:\/\/www.newbycastleman.co.uk\/?page_id=6916"},"modified":"2023-08-23T11:39:31","modified_gmt":"2023-08-23T10:39:31","slug":"test-vat-seven-key-points-for-the-smaller-business","status":"publish","type":"page","link":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/","title":{"rendered":"Test &#8211; VAT \u2013 Seven Key Points for the Smaller Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6916\" class=\"elementor elementor-6916\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-5d09dd0b elementor-section-height-min-height elementor-section-content-top elementor-section-items-top elementor-section-boxed elementor-section-height-default\" data-id=\"5d09dd0b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-108dbd2c\" data-id=\"108dbd2c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3088471 elementor-widget elementor-widget-shortcode\" data-id=\"3088471\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<header id=\"newheader\">\n\t<div class=\"hwrapper\">\n\t\t<div class=\"hlogo\"><a href=\"\/\" title=\"Newby Castleman Homepage\"><img src=\"\/wp-content\/uploads\/2019\/08\/WHITE-LOGO-FOR-WEBSITE.png\" alt=\"Newby Castleman\"><\/a><\/div>\n\t\t<div class=\"hicon\">\n\t\t\t<a href=\"tel:01162549262\" class=\"elementor-animation-pulse phone\"><i class=\"fa fa-phone\"><\/i><\/a>\n\t\t\t<p>Leicester Office: 0116 254 9262<\/p>\n\t\t\t<a href=\"tel:01509263500\" class=\"elementor-animation-pulse phone2\"><i class=\"fa fa-phone\"><\/i><\/a>\n\t\t\t<p>Loughborough Office: 01509 263 500<\/p>\n\t\t\t<div class=\"hsocial\">\n\t\t\t\t<a href=\"https:\/\/www.facebook.com\/NewbyCastleman\/\" class=\"elementor-animation-pulse\" target=\"_blank\"><i class=\"fa fa-facebook\"><\/i><\/a>\n\t\t\t\t<a href=\"https:\/\/twitter.com\/newbycastleman\" class=\"elementor-animation-pulse\" target=\"_blank\"><i class=\"fa fa-twitter\"><\/i><\/a>\n\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/company\/newby-castleman\/\" class=\"elementor-animation-pulse\" target=\"_blank\"><i class=\"fa fa-linkedin\"><\/i><\/a>\n\t\t\t<\/div>\n\t\t\t<div class=\"hamburger\"><i class=\"fas fa-bars\"><\/i><\/div>\n\t\t<\/div>\n\t\t<div class=\"hnav\">\n\t\t\t<nav id=\"site-navigation\" class=\"main-navigation\" role=\"navigation\" aria-label=\"Top Menu\">\n\n\n\t<div class=\"menu-main-menu-container\"><ul id=\"top-menu\" class=\"menu\"><li id=\"menu-item-1765\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-home menu-item-1765\"><a href=\"\/\">Home<\/a><\/li>\n<li id=\"menu-item-1441\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1441\"><a href=\"\/our-experts\/\">Our Experts<\/a><\/li>\n<li id=\"menu-item-417\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-417\"><a href=\"\/our-services\/\">Our Services<svg class=\"icon icon-angle-down\" aria-hidden=\"true\" role=\"img\"> <use href=\"#icon-angle-down\" xlink:href=\"#icon-angle-down\"><\/use> <\/svg><\/a>\n<ul class=\"sub-menu\">\n\t<li id=\"menu-item-419\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-419\"><a href=\"\/our-services\/accounting-audit\/\">Audit &amp; Accounting<\/a><\/li>\n\t<li id=\"menu-item-1011\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1011\"><a href=\"\/our-services\/business-tax\/\">Business Tax<\/a><\/li>\n\t<li id=\"menu-item-1012\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1012\"><a href=\"\/our-services\/charities-not-for-profit\/\">Charities &amp; Not for Profit<\/a><\/li>\n\t<li id=\"menu-item-1013\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1013\"><a href=\"\/our-services\/cloud-accounting\/\">Cloud Accounting<\/a><\/li>\n\t<li id=\"menu-item-1015\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1015\"><a href=\"\/our-services\/it-consulting\/\">IT Consulting<\/a><\/li>\n\t<li id=\"menu-item-1017\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1017\"><a href=\"\/our-services\/payroll-and-bookkeeping\/\">Payroll &amp; Bookkeeping<\/a><\/li>\n\t<li id=\"menu-item-1019\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1019\"><a href=\"\/our-services\/private-client-tax\/\">Private Client Tax<\/a><\/li>\n\t<li id=\"menu-item-1021\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1021\"><a href=\"\/our-services\/trust-estates\/\">Trust &amp; Estates<\/a><\/li>\n\t<li id=\"menu-item-1025\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1025\"><a href=\"\/our-services\/vat\/\">VAT<\/a><\/li>\n\t<li id=\"menu-item-1023\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1023\"><a href=\"\/our-services\/valuations\/\">Valuations<\/a><\/li>\n\t<li id=\"menu-item-1027\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1027\"><a href=\"\/our-services\/wealth-management\/\">Wealth Management<\/a><\/li>\n<\/ul>\n<\/li>\n<li id=\"menu-item-485\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-485\"><a href=\"\/news\/\">News<\/a><\/li>\n<li id=\"menu-item-483\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-483\"><a href=\"\/our-publications\/\">Our Publications<\/a><\/li>\n<li id=\"menu-item-481\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-481\"><a href=\"\/careers\/\">Careers<\/a><\/li>\n\n\n<li id=\"menu-item-479\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-479\"><a href=\"\/get-in-touch\/\">Get in Touch<svg class=\"icon icon-angle-down\" aria-hidden=\"true\" role=\"img\"> <use href=\"#icon-angle-down\" xlink:href=\"#icon-angle-down\"><\/use> <\/svg><\/a>\n<ul class=\"sub-menu\">\n\t<li id=\"menu-item-6074\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-6074\"><a href=\"\/get-in-touch\/accountants-in-leicester\/\">Leicester<\/a><\/li>\n\t<li id=\"menu-item-5745\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5745\"><a href=\"https:\/\/www.newbycastleman.co.uk\/accountants-in-loughborough\/\">Loughborough<\/a><\/li>\n<\/ul>\n<\/li>\n\n<li id=\"menu-item-1741\" class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1741\"><a href=\"\/testimonials\/\">Testimonials<\/a><\/li>\n<li id=\"menu-item-99\" class=\"menu-item menu-item-type-custom menu-item-object-custom current-menu-item menu-item-99\"><a href=\"\/?s=Search\" aria-current=\"page\"><i class=\"_mi dashicons dashicons-search\" aria-hidden=\"true\" style=\"font-size:1.6em;\"><\/i><span class=\"visuallyhidden\">Search<\/span><\/a><\/li>\n<\/ul><\/div>\n\t<\/nav><!-- #site-navigation -->\n<nav id=\"site-navigation-mobile\">\n\n\t<div class=\"menu-main-menu-container\"><ul id=\"top-menu\" class=\"menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-home menu-item-1765\"><a href=\"\/\">Home<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1441\"><a href=\"\/our-experts\/\">Our Experts<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-has-children menu-item-417\"><a href=\"\/our-services\/\">Our Services<svg class=\"icon icon-angle-down\" aria-hidden=\"true\" role=\"img\"> <use href=\"#icon-angle-down\" xlink:href=\"#icon-angle-down\"><\/use> <\/svg><\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-485\"><a href=\"\/news\/\">News<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-483\"><a href=\"\/our-publications\/\">Our Publications<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-481\"><a href=\"\/careers\/\">Careers<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-479\"><a href=\"\/get-in-touch\/\">Get in Touch<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1741\"><a href=\"\/testimonials\/\">Testimonials<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom current-menu-item menu-item-99\"><a href=\"\/?s=Search\" aria-current=\"page\"><i class=\"_mi dashicons dashicons-search\" aria-hidden=\"true\" style=\"font-size:1.6em;\"><\/i><span class=\"visuallyhidden\">Search<\/span><\/a><\/li>\n<\/ul><\/div>\n\t<\/nav><!-- #site-navigation -->\n\t\t<\/div>\n\t<\/div>\n<\/header>\n<script>\njQuery( document ).ready(function() {\n\tjQuery(\"div.hamburger\").click(function(){\n\t\tjQuery(\"div.hnav\").slideToggle();\n\t});\n\n});\t\n<\/script>\n\n\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46124d59 elementor-widget elementor-widget-spacer\" data-id=\"46124d59\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-2e6975a6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e6975a6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-2d5e8ea\" data-id=\"2d5e8ea\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-64c4382b white elementor-widget elementor-widget-heading\" data-id=\"64c4382b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">VAT \u2013 Seven Key\nPoints for the Smaller\nBusiness<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16e25714 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"16e25714\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-a9ab874 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9ab874\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4f5fcf\" data-id=\"c4f5fcf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-08590b0 elementor-widget elementor-widget-spacer\" data-id=\"08590b0\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-6a919ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a919ec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-87873d2\" data-id=\"87873d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2aa0650 lead elementor-widget elementor-widget-text-editor\" data-id=\"2aa0650\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>This factsheet focuses on VAT matters of relevance to the smaller business. A 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.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c17cd2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7c17cd2\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-924538c elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"924538c\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;,&quot;h4&quot;,&quot;h5&quot;,&quot;h6&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;numbers&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">Contents<\/h4>\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\"><i class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\"><i class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-465d81b elementor-widget elementor-widget-text-editor\" data-id=\"465d81b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>This aspect is not considered further here but useful guidance can be found on the GOV.UK website <a href=\"http:\/\/www.gov.uk\/vat-record-keeping\">www.gov.uk\/vat-record-keeping<\/a>.<\/p><p>See our factsheet &#8216;Making Tax Digital for <a href=\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/\">VAT&#8217;<\/a> on the mandatory digital record keeping and digital VAT returns.<\/p><h2><strong>VAT return and payment deadlines<\/strong><\/h2><p>For the businesses who complete quarterly returns, both the VAT return and any VAT payable are due to HMRC one month and seven days after the end of the VAT period.<\/p><p>Where the due date falls on a weekend or bank holiday the business should ensure that the submission of the return and payment of any VAT due has reached HMRC no later than the last working day.<\/p><h2><strong>Input VAT<\/strong><\/h2><p>When VAT incurred on expenditure is recoverable in a VAT return it is termed &#8216;input tax.&#8217; Only registered businesses can reclaim VAT on purchases providing:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>the expense is incurred for business purposes<\/li><li>the business is the recipient of the supply of goods or services<\/li><li>there is a valid VAT invoice for the purchase.<\/li><\/ul><\/li><\/ul><p>Only VAT registered businesses can issue valid VAT invoices. Hence VAT cannot be reclaimed on any goods or services purchased from a business that is not VAT registered. Proforma invoices should not be used as a basis for input tax recovery as this can accidentally lead to a duplicate VAT recovery claim.<\/p><p>Most types of supply on which VAT recovery is sought must be supported by a valid VAT invoice. This generally needs to be addressed to the trader claiming the input tax. A very limited list of supplies do not require a VAT invoice to be held to support a claim, providing the total expenditure for each taxable supply is \u00a325 or less (VAT inclusive). The most practical examples of these are car park charges and certain toll charges.<\/p><p>The following common items however never attract input VAT and so there is no VAT to be reclaimed &#8211; stamps, train, air and bus tickets, on street car parking meters and office grocery purchases like tea, coffee and milk!<\/p><h3><strong>Business purpose<\/strong><\/h3><p>This is often an area of contention between taxpayers and HMRC as VAT is not automatically recoverable simply because it has been incurred by a VAT registered person, or because the supplier has been paid by the business.<\/p><p>In assessing whether the use to which goods or services are put amounts to business use (for the purpose of establishing the right to deduct input tax), consideration must be given as to whether the expenditure relates directly to the function and operation of the business or merely provides an incidental benefit to it.<\/p><h2><strong>Private and non-business use<\/strong><\/h2><p>In many businesses, personal and business finances can be closely linked and input tax may be claimed incorrectly on expenditure which is partly or wholly for private or non-business purposes.<\/p><p>Typical examples of where claims are likely to be made but which do not satisfy the &#8216;purpose of the business&#8217; test include:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>expenditure related to domestic accommodation<\/li><li>pursuit of personal interests such as sporting and leisure orientated activities<\/li><li>expenditure for the personal benefit of company directors\/proprietors and<\/li><li>expenditure in connection with non-business activities.<\/li><\/ul><\/li><\/ul><p>Where expenditure has a mixed business and private purpose, the related VAT should generally be apportioned and only the business element claimed. Special rules apply to recover input tax claimed on assets and stock (commonly referred to in VAT as goods) when goods initially intended for business use are then put to an alternative use.<\/p><p>Example<\/p><p><em>Three laptops are initially bought for the business and input VAT of \u00a3360 in total is reclaimed. One is then gifted by the business owner to his son so VAT will have to be accounted for to HMRC of \u00a3120 (1\/3 x \u00a3360) <\/em><\/p><h2><strong>Business entertainment<\/strong><\/h2><p>VAT is not reclaimable on most forms of business entertainment although VAT incurred on employee entertainment is recoverable. The definition of business entertainment is broadly interpreted to mean hospitality of any kind provided to someone who is not an employee, which can include the following example situations:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>travel expenses incurred by non employees but reimbursed by the business, such as self employed workers and consultants<\/li><li>hospitality elements of trade shows and public relations events.<\/li><\/ul><\/li><\/ul><h2><strong>Business gifts<\/strong><\/h2><p>A VAT supply takes place whenever goods change hands, so in theory any goods given away result in an amount of VAT due. The rule on business gifts is that no output tax will be due, provided that the VAT exclusive cost of the gifts made does not exceed \u00a350 within any 12 month period to the same person.<\/p><p>Where the limit is exceeded, output tax is due on the full amount. If a trader is giving away bought-in goods, HMRC will usually accept that he can disallow the tax when he buys the goods, which may be more convenient than having to pay output tax every time he gives one away.<\/p><p>Routine commercial transactions which might be affected include such things as:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>long service awards<\/li><li>Christmas gifts<\/li><li>prizes or incentives for sales staff.<\/li><\/ul><\/li><\/ul><h2><strong>Cars and motoring expenses<\/strong><\/h2><p>Input tax errors often occur in relation to the purchase or lease of cars and to motoring expenses in general. Some key issues are:<\/p><ul><li style=\"list-style-type: none;\"><ul><li>VAT on the purchase of a motor car is generally blocked from recovery because it is assumed there will be availability for private motoring and hence the vehicle is not exclusive for business use.\u00a0<\/li><li>Where a car is leased rather than purchased, 50% of the VAT on the leasing charge is not claimed for the same reason.<\/li><li>Where a business supplies fuel or mileage allowances for cars, adjustments need to be made to ensure that only VAT on the business element of the expense is recovered. There are a number of different methods which can be used, so do get in touch if this is relevant to you.<\/li><\/ul><\/li><\/ul><h2><strong>Output VAT issues<\/strong><\/h2><h3><strong>Bad debts<\/strong><\/h3><p>Selling on credit in the current economic climate may carry increased risk. Even where credit control procedures are strong there will inevitably be a risk of suffering bad debts. A supplier must normally account for output tax when the sale is made, even if the debt is never paid by the customer, so there is a risk of being doubly out of pocket.<\/p><p>VAT regulations do not permit the issue of a credit note to cancel output tax simply because the customer will not pay! Instead, where a customer does not pay, a claim to recover the VAT on the sale as bad debt relief can be made six months after the due date for payment of the invoice.<\/p><p>Example<\/p><p><em>A trader supplies and invoices goods on 19 October 2022 for payment by 18 November 2022 (ie a normal 30 day credit period). If the debt is not settled, the earliest opportunity for relief if the debt is not settled would be 18 May 2023. The relief would be included in the VAT return into which this date falls, depending on the return cycle of the business.<\/em><\/p><h3><strong>The amount of the claim<\/strong><\/h3><p>The taxpayer can only claim relief for the output tax originally charged and paid over to HMRC, no matter whether the rate of VAT has subsequently changed. The claim is entered into box 4 of the VAT return &#8211; treating the uncollected VAT as an additional business expense &#8211; rather than by reducing output tax.<\/p><h3><strong>The customer<\/strong><\/h3><p>A customer is automatically required to repay to HMRC any input VAT claimed on a purchase where the supplier remains unpaid six months after the date of the supply (or the date on which the payment is due if later). Mistakes in this area are so common that visiting HMRC officers have developed a programme enabling them to review Sage accounting packages and to list purchase ledger balances over 6 months old making it easy to issue an assessment to disallow the VAT claimed.<\/p><h3><strong>Preventing the problem?<\/strong><\/h3><p>Smaller businesses (with annual turnover less than \u00a31.35m) may entitled to join the Cash Accounting Scheme, which means you will only have to account for VAT when payment is actually received from the customer.<\/p><p>There is clear cashflow benefit as well as built-in relief VAT from bad debts. The trade-off is that cash accounting only permits a business to recover VAT on expenditure at the time it makes payment to supplies.<\/p><h2><strong>How we can help<\/strong><\/h2><p>Please contact us if you require any further guidance on VAT issues for your business.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-b90e689\" data-id=\"b90e689\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-e30adfc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e30adfc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-98c6c3d\" data-id=\"98c6c3d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-da9b15a green elementor-widget elementor-widget-heading\" data-id=\"da9b15a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><img src=\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png\" class=\"related\"> Related <span >links<\/span><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-032e8df elementor-position-left elementor-vertical-align-bottom publication elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"032e8df\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a class=\"elementor-icon elementor-animation-\" href=\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2023\/05\/May-23-VAT-Seven-Key-Points-for-the-Smaller-Business.pdf\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-down\"><\/i>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\t\t\t\t<span class=\"elementor-icon-box-title\">\n\t\t\t\t\t<a href=\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2023\/05\/May-23-VAT-Seven-Key-Points-for-the-Smaller-Business.pdf\" >\n\t\t\t\t\t\tVAT - SEVEN KEY POINTS FOR THE SMALLER BUSINESS\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e8c664 elementor-widget elementor-widget-spacer\" data-id=\"1e8c664\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-4d0f748 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d0f748\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9c6b759\" data-id=\"9c6b759\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b53a226 elementor-widget elementor-widget-spacer\" data-id=\"b53a226\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75aad37 elementor-widget elementor-widget-html\" data-id=\"75aad37\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div style=\"text-align:center;\">\r\n<a href=\"\/get-in-touch\/\" class=\"curious-button\">Get in Touch<\/a>\r\n<\/div>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36d63cd elementor-widget elementor-widget-spacer\" data-id=\"36d63cd\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18027a9 elementor-widget elementor-widget-text-editor\" data-id=\"18027a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<script type=\"text\/javascript\">var gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,initializeOnLoaded:function(o){gform.domLoaded&&gform.scriptsLoaded?o():!gform.domLoaded&&gform.scriptsLoaded?window.addEventListener(\"DOMContentLoaded\",o):document.addEventListener(\"gform_main_scripts_loaded\",o)},hooks:{action:{},filter:{}},addAction:function(o,n,r,t){gform.addHook(\"action\",o,n,r,t)},addFilter:function(o,n,r,t){gform.addHook(\"filter\",o,n,r,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,n){gform.removeHook(\"action\",o,n)},removeFilter:function(o,n,r){gform.removeHook(\"filter\",o,n,r)},addHook:function(o,n,r,t,i){null==gform.hooks[o][n]&&(gform.hooks[o][n]=[]);var e=gform.hooks[o][n];null==i&&(i=n+\"_\"+e.length),gform.hooks[o][n].push({tag:i,callable:r,priority:t=null==t?10:t})},doHook:function(n,o,r){var t;if(r=Array.prototype.slice.call(r,1),null!=gform.hooks[n][o]&&((o=gform.hooks[n][o]).sort(function(o,n){return o.priority-n.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==n?t.apply(null,r):r[0]=t.apply(null,r)})),\"filter\"==n)return r[0]},removeHook:function(o,n,t,i){var r;null!=gform.hooks[o][n]&&(r=(r=gform.hooks[o][n]).filter(function(o,n,r){return!!(null!=i&&i!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][n]=r)}});<\/script>\n                <div class='gf_browser_opera gform_wrapper gravity-theme' id='gform_wrapper_1' >\n                        <div class='gform_heading'>\n                            <h2 class=\"gform_title\">Newsletter sign up<\/h2>\n                            <span class='gform_description'>To keep up to date with our latest news, register for our newsletter.<\/span>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_1'  action='\/wp-json\/wp\/v2\/pages\/6916' >\n                        <div class='gform_body gform-body'><div id='gform_fields_1' class='gform_fields top_label form_sublabel_below description_below'><div id=\"field_1_4\"  class=\"gfield gfield--width-full field_sublabel_below field_description_below hidden_label gfield_visibility_visible\"  data-js-reload=\"field_1_4\"><label class='gfield_label' for='input_1_4' >Email<\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_4' id='input_1_4' type='text' value='' class='medium'   placeholder='Email Address'  aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_1_5\"  class=\"gfield gform_validation_container field_sublabel_below field_description_below gfield_visibility_visible\"  data-js-reload=\"field_1_5\"><label class='gfield_label' for='input_1_5' >Phone<\/label><div class='ginput_container'><input name='input_5' id='input_1_5' type='text' value='' \/><\/div><div class='gfield_description' id='gfield_description_1_5'>This field is for validation purposes and should be left unchanged.<\/div><\/div><\/div><\/div>\n        <div class='gform_footer top_label'> <input type='submit' id='gform_submit_button_1' class='gform_button button' value='Submit'  onclick='if(window[\"gf_submitting_1\"]){return false;}  window[\"gf_submitting_1\"]=true;  ' onkeypress='if( event.keyCode == 13 ){ if(window[\"gf_submitting_1\"]){return false;} window[\"gf_submitting_1\"]=true;  jQuery(\"#gform_1\").trigger(\"submit\",[true]); }' \/> \n            <input type='hidden' class='gform_hidden' name='is_submit_1' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='1' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_1' value='WyJbXSIsImM2OGJjYmFlMjM3ODI0MDQ4NmI2NjkxYmQ4NWU4OWQ5Il0=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_target_page_number_1' id='gform_target_page_number_1' value='0' \/>\n            <input type='hidden' class='gform_hidden' name='gform_source_page_number_1' id='gform_source_page_number_1' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-93a43a5 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"93a43a5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d41453\" data-id=\"1d41453\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-d03fd88 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d03fd88\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-52c2032\" data-id=\"52c2032\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9f9eb64 copyright elementor-widget elementor-widget-global elementor-global-1957 elementor-widget-text-editor\" data-id=\"9f9eb64\" data-element_type=\"widget\" id=\"footer\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>\u00a9 2021 Newby Castleman. All rights reserved.<\/p>\n<p>Newby Castleman is the trading style of Newby Castleman LLP, a Limited Liability Partnership registered in England and Wales Number OC416058. A list of members\u2019 names is available at the business address. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accounts in England and Wales.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-46676a8 links\" data-id=\"46676a8\" data-element_type=\"column\" id=\"footer\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90d6a5d elementor-nav-menu__align-right elementor-nav-menu--dropdown-mobile elementor-nav-menu__text-align-center elementor-widget elementor-widget-global elementor-global-1963 elementor-widget-nav-menu\" data-id=\"90d6a5d\" data-element_type=\"widget\" data-settings=\"{&quot;layout&quot;:&quot;horizontal&quot;,&quot;submenu_icon&quot;:{&quot;value&quot;:&quot;fas fa-caret-down&quot;,&quot;library&quot;:&quot;fa-solid&quot;}}\" data-widget_type=\"nav-menu.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t<nav migration_allowed=\"1\" migrated=\"0\" role=\"navigation\" class=\"elementor-nav-menu--main elementor-nav-menu__container elementor-nav-menu--layout-horizontal e--pointer-none\"><ul id=\"menu-1-90d6a5d\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1681\"><a href=\"https:\/\/www.newbycastleman.co.uk\/payments\/\" class=\"elementor-item\">PAYMENTS<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1683\"><a href=\"\/privacy\/\" class=\"elementor-item\">PRIVACY POLICY<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5379\"><a href=\"https:\/\/www.newbycastleman.co.uk\/privacy\/cookie-declaration\/\" class=\"elementor-item\">COOKIE DECLARATION<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-4421\"><a href=\"https:\/\/www.newbycastleman.co.uk\/regulations\/\" class=\"elementor-item\">REGULATIONS<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1685\"><a href=\"\/standard-terms-of-business\/\" class=\"elementor-item\">STANDARD TERMS OF BUSINESS<\/a><\/li>\n<\/ul><\/nav>\n\t\t\t\t\t<div class=\"elementor-menu-toggle\" role=\"button\" tabindex=\"0\" aria-label=\"Menu Toggle\" aria-expanded=\"false\">\n\t\t\t<i aria-hidden=\"true\" role=\"presentation\" class=\"eicon-menu-bar\"><\/i>\t\t\t<span class=\"elementor-screen-only\">Menu<\/span>\n\t\t<\/div>\n\t\t\t<nav class=\"elementor-nav-menu--dropdown elementor-nav-menu__container\" role=\"navigation\" aria-hidden=\"true\"><ul id=\"menu-2-90d6a5d\" class=\"elementor-nav-menu\"><li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-1681\"><a href=\"https:\/\/www.newbycastleman.co.uk\/payments\/\" class=\"elementor-item\" tabindex=\"-1\">PAYMENTS<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1683\"><a href=\"\/privacy\/\" class=\"elementor-item\" tabindex=\"-1\">PRIVACY POLICY<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-5379\"><a href=\"https:\/\/www.newbycastleman.co.uk\/privacy\/cookie-declaration\/\" class=\"elementor-item\" tabindex=\"-1\">COOKIE DECLARATION<\/a><\/li>\n<li class=\"menu-item menu-item-type-post_type menu-item-object-page menu-item-4421\"><a href=\"https:\/\/www.newbycastleman.co.uk\/regulations\/\" class=\"elementor-item\" tabindex=\"-1\">REGULATIONS<\/a><\/li>\n<li class=\"menu-item menu-item-type-custom menu-item-object-custom menu-item-1685\"><a href=\"\/standard-terms-of-business\/\" class=\"elementor-item\" tabindex=\"-1\">STANDARD TERMS OF BUSINESS<\/a><\/li>\n<\/ul><\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>VAT \u2013 Seven Key Points for the Smaller Business This factsheet focuses on VAT matters of relevance to the smaller business. A 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Test &#8211; VAT \u2013 Seven Key Points for the Smaller Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":827,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman<\/title>\n<meta name=\"description\" content=\"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman\" \/>\n<meta property=\"og:description\" content=\"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Newby Castleman\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-23T10:39:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/#website\",\"url\":\"https:\/\/www.newbycastleman.co.uk\/\",\"name\":\"Newby Castleman\",\"description\":\"Chartered Accountants\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.newbycastleman.co.uk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#primaryimage\",\"url\":\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png\",\"contentUrl\":\"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png\",\"width\":78,\"height\":78},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#webpage\",\"url\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/\",\"name\":\"VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman\",\"isPartOf\":{\"@id\":\"https:\/\/www.newbycastleman.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#primaryimage\"},\"datePublished\":\"2022-11-17T15:07:46+00:00\",\"dateModified\":\"2023-08-23T10:39:31+00:00\",\"description\":\"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.newbycastleman.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Our Services\",\"item\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"VAT\",\"item\":\"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Test &#8211; VAT \u2013 Seven Key Points for the Smaller Business\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman","description":"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/","og_locale":"en_GB","og_type":"article","og_title":"VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman","og_description":"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.","og_url":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/","og_site_name":"Newby Castleman","article_modified_time":"2023-08-23T10:39:31+00:00","og_image":[{"url":"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.newbycastleman.co.uk\/#website","url":"https:\/\/www.newbycastleman.co.uk\/","name":"Newby Castleman","description":"Chartered Accountants","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.newbycastleman.co.uk\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#primaryimage","url":"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png","contentUrl":"https:\/\/www.newbycastleman.co.uk\/wp-content\/uploads\/2018\/12\/related.png","width":78,"height":78},{"@type":"WebPage","@id":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#webpage","url":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/","name":"VAT \u2013 Seven Key Points for the Smaller Business | Newby Castleman","isPartOf":{"@id":"https:\/\/www.newbycastleman.co.uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#primaryimage"},"datePublished":"2022-11-17T15:07:46+00:00","dateModified":"2023-08-23T10:39:31+00:00","description":"VAT matters are relevant to the smaller business. Newby Castleman highlights risk areas so your business can avoid penalties.","breadcrumb":{"@id":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/test-vat-seven-key-points-for-the-smaller-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.newbycastleman.co.uk\/"},{"@type":"ListItem","position":2,"name":"Our Services","item":"https:\/\/www.newbycastleman.co.uk\/our-services\/"},{"@type":"ListItem","position":3,"name":"VAT","item":"https:\/\/www.newbycastleman.co.uk\/our-services\/vat\/"},{"@type":"ListItem","position":4,"name":"Test &#8211; VAT \u2013 Seven Key Points for the Smaller Business"}]}]}},"_links":{"self":[{"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/pages\/6916"}],"collection":[{"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/comments?post=6916"}],"version-history":[{"count":35,"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/pages\/6916\/revisions"}],"predecessor-version":[{"id":9292,"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/pages\/6916\/revisions\/9292"}],"up":[{"embeddable":true,"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/pages\/827"}],"wp:attachment":[{"href":"https:\/\/www.newbycastleman.co.uk\/wp-json\/wp\/v2\/media?parent=6916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}