Reassuring Business & Minimising Risk
Is the VAT in your business being accounted for correctly? Is your company ready for an onsite audit from the Tax office?
Taxback International offers comprehensive VAT Reviews allowing us to perform thorough evaluations into specific aspects of a business’s accounts which impact on VAT compliance. Reviews may be carried out onsite or remotely and are tailored to meet an individual business need.
How it works
The following reviews may help your business to minimize its VAT liability and risk as well as reassuring management and auditors that VAT is being accounted for correctly:
- VAT Compliance Review
- VAT Expense Review
- VAT Expense Code Review
A VAT Compliance Review involves an examination of transactions recorded through a VAT return to determine if:
- VAT was over or under claimed
- The correct VAT rate has been applied
- Invoices are compliant for VAT purposes
- VAT has been accounted for correctly on intra-community acquisitions and services subject to the reverse charge mechanism.
VAT legislation allows companies to recover VAT on certain travel and entertainment expenses. This varies on a country-to-country basis. Many companies are unaware of the reclaim process and are failing to recover the VAT that they are entitled to, thereby losing out on potential business savings.
Taxback International can review your businesses VAT recovery on both domestic and foreign travel & entertainment expenses and provide advice on how to maximise VAT recovery opportunities and minimise the risk of over or under claiming VAT.VAT Expense Code Review
Taxback International can conduct a review on VAT codes and the relevant VAT deductibility rules used by a business when calculating the VAT recoverable amounts in respect of expenses.This review confirms:
- That the correct VAT rates are used to calculate the VAT deducted,
- Identifies opportunities for improving VAT Refunds and
- Assists with accuracy for VAT reporting
- Prompt identification of VAT issues affecting the business
- Improved VAT compliance
- VAT risk is reduced and managed
- Transparency and assurance for management
- Interest and penalties reduced or eliminated as we recommend corrective courses of action.
- VAT recovery and VAT savings are maximized
To achieve the assurance that your companies VAT is being accounted for correctly; contact one of our VAT experts for a free consultation.