On the fifth day of Christmas….

- Gift vouchers and books make great VAT-free presents, as do CDs and DVDs from online retailers with special VAT-free import arrangements.

- One of the great traditions of Christmas shopping is the return of unwanted presents in the New Year, so retailers should make sure they understand the rate to put on credit notes, the value of gift vouchers to give in return and the value of exchanged goods.

- Selling raffle tickets for a Christmas prize draw is always a guaranteed way to raise funds, but make sure you don’t charge VAT on the sale of the tickets