resources-post-top-bg Invoice Compliance Check List

Invoice Compliance Check List

Do you know what a fully compliant invoice needs?

Last week we answered your frequently asked questions on VAT. An area that wasn’t covered in that post was questions regarding your company’s invoicing. One of the biggest mistakes made when a company is sorting their VAT reclaim on their T&E expenses is incorrect invoices. Having correct invoices and other relevant documentation used in VAT reclaim processes is vital. It could make the difference in the amount you get back and how quick you can reclaim.

Here’s some points you need to consider to ensure you are fully compliant with your Invoices.

1. MISSING DETAILS!

This happens more than you would think. An employee has travelled abroad, and is collecting invoices for their travel expenses. And low and behold, the invoice is made out in the employee’s name! It can also happen that if it is made out to the company, the compay name is misspelled, abbreviated, or even the adress is incorrect. This makes it difficult for companies like Taxback International to aid in your VAT reclaim opportunities! You must ensure that the invoice is made out to the company and that the full compay name and address is present.

QUIZ INVOICE (7)

 

2. PROVIDING INCORRECT DOCUMENTS – NO VAT TO BE SEEN!

When providing documentation in order to reclaim your VAT, it’s vital that there is VAT present to reclaim! Ensure that invoices provided clearly state VAT, otherwise there’s no way to know if is charged. Also, documents such as credit card slips are not valid to be used for VAT reclaim.

QUIZ INVOICE (8)

3. SCANNING INVOICES

Scanning invoices to be sent to your company or to VAT reclaim specialists such as Taxback International can lead to mistakes. It is important that invoices are scanned as clear as possible, are fully ledgable and comply with this checklist.

QUIZ INVOICE (9)

And that’s that! Download our FREE Invoice Checklist PDF in order to ensure that your Invoices are always correct!

Download a FREE Invoice Checklist

We know that Indirect taxes such as VAT and GST can have a huge effect on your business. As VAT rates change sporadically keeping yourself informed can be difficult.  Compliance is always crucial. That’s why our Indirect Tax Experts share their hand-picked news stories every day that you need to know. From breaking news to VAT changes and new EU legislation. We know that relevant information means better decision making. We aim to be your number 1 source for VAT and GST news.

  +353 56 778 34 00      

  vat@taxbackinternational.com 

  Connect with us on Twitter

  Connect with us on LinkedIn

See more Taxback International Articles

Poland: Quick Fixes

28th January 2020: On 4 December 2019, the Council of the European Union amended the Directive 2006/112/EC and announced the Council Directive (EU) 2018/1910.

VAT rate changes 2020.

24 January 2020: Canary Island, Germany, Czech Republic, Ireland and Italy are some of the countries to be impacted by VAT changes in 2020.

Italy: VAT group update for non-resident companies.

24th January 2020: Non-resident Italian entities with non-taxable activities can be part of a VAT group.