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NEIL WARREN considers VAT measures that can help the financial position of a business during the economic downturn
KEY POINTS
- Reclaiming VAT on bad debts.
- The benefits of the cash accounting scheme.
- Substituting a payment document for an invoice.
- Don’t forget to file online.
- Consider reducing payments on account.
American politician Henry Kissinger famously commented in 1969: ‘There cannot be a crisis next week. My schedule is already full’.
Unfortunately the current economic climate means that many businesses are facing a financial crisis but is there any way that such a crisis can be eased or held off?
The theme of this article is to consider some of the VAT challenges that face a business when things are not going too well and provide a few ideas that will help both the cash flow position of a business and its bottom line profit.
Bad debt relief
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