Entering the festive season, the Christmas spirit is in the air, but for businesses, it’s also a time to be mindful of tax matters.
In this unique season, our team has compiled some tax considerations that businesses should pay special attention to during the holiday celebrations.
Deadline Awareness
We always advise our clients to avoid treading on the last-minute submission deadline, as most plans seldom unfold as expected.
Different business models have different deadlines, and missing the final deadline often results in unnecessary complications like fines.
Therefore, we recommend planning ahead and submitting declarations 1-2 months before the deadline.
Additionally, it’s crucial to ensure timely payment to avoid accruing interest.
Efficient Bookkeeping
If you routinely organize financial information, you can save a considerable amount of time before the looming deadline.
We understand the holiday hustle and bustle may push tax declarations to the back burner.
Outsourcing tax matters to a professional accounting team can save you a significant amount of time.
Most importantly, this significantly reduces the risk of delayed submissions, ensuring your tax compliance is well taken care of.
Christmas Expense VAT Refund
Many small and medium-sized enterprises organize entertaining events like dining parties during the Christmas season.
VAT incurred in employer-sponsored entertainment events for employees is refundable.
However, there are strict regulations for this refund, and if non-employees participate, the refund will be proportional to their involvement.
For detailed refund procedures, you can refer to our previous articles or reach out to our team.
