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VAT tax check

Don't take any risks.

VAT represents a tax risk for many businesses. The issues are complex and legal regulations are increasing. In daily business and operating in a mass market environment, errors easily arise that often are only discovered through tax audits at a later date. In practice, such errors can often not be corrected.

The risk of high VAT repayments can be reduced by effective risk management. Tax compliance should be monitored continuously, improved and continually adapted to new business cases, legal and tax changes as well as changes in the administrative practice of the tax authorities.

Which businesses benefit most from a VAT tax check?

A turnover tax check is most beneficial for companies that:

  • have not done any VAT risk management before.
  • have already discovered or are concerned about possible VAT errors.
  • are preparing for tax inspections or audits.
  • want to build an additional safety net.
  • have to implement complex business transactions or legal changes.
  • are preparing for business acquisitions or restructurings (due diligence).

 Get more information - free, at no obligation - in an initial meeting 

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Benefits of a VAT tax check for your company

  • Risks and weaknesses are analysed, any possible improvements are identified.
  • Relevant processes are analysed and those areas that typically involve higher risk (for example, cross-border deliveries, chain transactions, triangular transactions, continuing obligations, restrictions of VAT input tax deduction) are monitored.
  • VAT-related settings and parameters in the accounting system are analysed
  • Purchase cycle (incoming invoices) is analysed, and correctness of documents is randomly checked.
  • Sources of error are eliminated and deficiencies are corrected.
  • The risk of VAT repayments, late payment penalties and related liquidity shortages are reduced.
  • Liability risks for management will be identified and reduced.
  • Results of the VAT tax check provide a basis for business guidelines on VAT as part of your risk management. 

 

Tip: The CONSULTATIO tax check is customized to the size and specific needs of your business and gives you additional security.

What's the process for a VAT tax check?

  • Initial analysis based on a standardized checklist
  • Identification of risk areas, preliminary discussion and tailoring of scope and procedures
  • Brief interviews with responsible staff in accounting or in departments with VAT responsibility
  • Analysis of monthly and annual VAT returns, VAT calculations and reconciliations
  • Random review of systematically selected business cases 
  • Analysis of relevant processes and random checks of supporting documents, contracts and accounting data
  • Presentation of test results, risk assessment and recommendations in the form of a clear brief report, discussion of results

Get more information free and without obligation in an initial meeting. After that we will create an offer for you at a fixed price.

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