For all of the clients we support with their on-going VAT Process and Compliance, we set out what needs to be done, when why and how. We call this active VAT management.
When you work with us you will get:
You can see how we support our clients and provide our VAT compliance services in the model below:
Our VAT compliance management portal notifies the client of the data they need to prepare and send to us. It also informs the business of the preferred date for us to receive the data to make sure we can review it to prepare the draft VAT Return computation.
We receive the data from the client and sort through the relevant sales and purchases invoices, expense receipts, import documentation and customs clearance forms to assess if we have fully accurate and complete records for the VAT accounting period. If we feel we need more information or if we need to provide feedback on any errors made by the client or their customers/vendors, we do so at this stage of the process.
From the data assessed by our VAT compliance team, we put together a draft VAT Return computation covering the relevant VAT accounting period. In the process of drafting the VAT Return computation, we also take in to account the feedback from the client on requests for extra information or records to make sure the VAT Return is accurate.
All VAT Return computations pass through multiple layers of quality checking and reviews by VAT compliance managers before reaching the lead VAT consultant. Once a VAT Return computation reaches the lead VAT consultant, it is reviewed and assessed to make sure all parts of the VAT Return are accurate and correct based on the data and information we have been provided with.
After the draft VAT Return computation has been comprehensively reviewed and counter-reviewed by VAT compliance managers and lead VAT consultants, the VAT Return computation is passed to the client for their review and sign-off that the information is true and accurate.
Once the client has reviewed the VAT Return computation, we request they provide us with their approval to file the VAT Return. We build the ‘request to file’ in to our process to ensure the client knows what is being filed on their behalf. It also keeps the key people connected to their business’ VAT position.
Once the client has provided their approval to file the VAT Return, we file the VAT Return online on their behalf. We undertake several key checks to make sure correct information is transposed from the VAT Return computation to the online filing form.
Straight after submitting the VAT Return, we inform the client of whether they are required to pay VAT to the Tax Authority or whether they are due a repayment of VAT from the Tax Authority. For VAT payments, we always identify the amount of VAT owed to the Tax Authority, the currency, how it should be paid and when it has to be received.
At the same time as providing advice on making or receiving a payment of VAT, we also provide the client with a copy of the submitted VAT Return from the Tax Authority website. This forms part of the official VAT records each VAT registered business must keep for a minimum of 6 years (in some EU countries it is longer). We make available and store digital copies of the submitted VAT Return forms in each client profile on our VAT compliance management portal.