A compact accelerator-based neutron source has been proposed and created at the Budker Institute of Nuclear Physics in Novosibirsk, Russia. An original vacuum insulated tandem accelerator (VITA) is used to provide a proton/deuteron beam. As a result of scientific research and modernization, the power of the ion beam was increased, an operation mode without high-voltage breakdowns was achieved, and the operation of the accelerator in a wide range of changes in the energy and current of ions was ensured. The proton/deuteron beam energy can be varied within a range of 0.6 - 2.3 MeV, keeping a high-energy stability of 0.1%. The beam current can also be varied in a wide range (from 0.3 mA to 10 mA) with high current stability (0.4%). VITA is used to obtain epithermal neutrons for the development of boron neutron capture therapy, thermal neutrons for the determination of impurities in ITER materials by activation analysis method; fast neutrons for radiation testing of materials; 478 keV photons to measure the 7Li(p,p'γ)7Li reaction cross section, etc. VITA is planned to be used for boron imaging with monoenergetic neutron beam, for characterizing of neutron detectors designed for fusion studies, for in-depth investigation of the promising 11B(p,α)αα neutronless fusion reaction, for studying the crystal structure of materials by neutron diffraction, etc.