VAT Compliance
VAT compliance is all about making sure your business meets the country-specific VAT requirements. To do so, we apply our knowledge and specific expertise about VAT compliance by consulting for all kinds of businesses. VAT compliance is exactly what’s needed when your business needs support with it’s compliance processes. Interested in a strategic partner in VAT compliance? Please do not hesitate to contact us.
What is VAT Compliance?
Nowadays VAT represents a key factor in a business’s cash flow and is potentially a real bottom line cost. Since many businesses are having a hard time trying to comply their own VAT’s, the need of a VAT compliance specialist becomes more and more urgent. Poor compliance of your business’s VAT’s registration can result in penalties which can then lead to a damaged reputation or missed opportunities. Outsourcing your business’s VAT compliance not only helps reducing these VAT compliance risks, it will also help mitigate unnecessary VAT losses.
VAT Incorporated is the ultimate VAT compliance specialist provider, we can provide you with a series of services that are based around the country-specific VAT requirements. By completing the required documentation of your business’s VAT, completion of VAT returns and other required documents we make sure your business is VAT ready.
VAT Compliance services we provide:
- Prepare and file VAT returns;
- EC Sales lists and Intrastat declarations in all European Union countries;
- Invoice checks;
- VAT transaction scenarios checks;
- Work instructions on VAT compliance;
- Assisting on VAT audits;
- VAT registrations in all EU countries;
- Reconciliation of VAT returns.
VAT compliance requirements
VAT compliance comes with a number of specific requirements that help your business meet the country-specific VAT rules. For European businesses these requirements are set by the EU headquarters in Brussels. Areas that are covered by these VAT compliance rules are registration, invoices and returns.
Businesses that provide taxable supplies must obtain a valid and unique VAT number. Businesses that buy and sell goods in another country as well, may have to register there, too.
All companies are obliged to have specific VAT invoices for all transactions related to VAT. These invoices can either be paper or electronic. Some of the standard information that should be provided on a VAT Invoice includes: date, name and address of supplier and customer, a unique invoice number and a description of the supply.
The VAT compliance rules also show that each business has to report it’s transactions over a specific period of time. These transactions are called VAT returns. In most cases VAT returns have to be reported either monthly or quarterly, depending from the country of business turnover.
Reconciliations:
Reconciliation is the process of comparing transactions, which a company has recorded using internal record-keeping for financial accounts against monthly VAT statements from external sources, such as VAT ERP; filed VAT return; ESL report; Intrastat; Sales listing and others to ensure that your account records agree with each other.
Why it is important to reconcile:
- It allows you to capture the differences between VAT returns and GL;
- It catches fraudulent transactions;
- It helps you to keep the track on the corrections made before it gets out of the control;
- Provides the detailed explanation and time efficient support during VAT audits;
- Produces reliable, accurate and high-quality VAT and financial statements.
Why VAT compliance by VAT Incorporated
Outsourcing your business’s VAT compliance to VAT incorporated means you will be helped by reliable, responsible and professional VAT specialists. Our high quality of work makes us distinctive.
- We thoroughly investigate the different VAT scenarios to avoid unexpected problems
- We understand the country-specific VAT rules
- Many years of in-depth VAT experience
- Experience with multiple ERP systems
Please read one of the reviews written by our customers to get an idea of what we can do for you.
Contact us
Interested in our VAT compliance services? Or do you want to know more about what we can do for your business? Please leave your email and phone number or submit the contactform and one of our VAT consultants will contact you as soon as possible.
