by on August 11, 2024 with No Comments

The complexity of foreign VAT

Managing multiple VAT numbers in different countries can represent an intense workload for your tax team. The schedule of VAT deadlines can quickly become complex: it may include the need to post invoices in specific formats by certain dates for one country, or to submit a VAT return by another date for another country, not to mention the Intrastat obligations that occasionally arise. You also have to take account of VAT audit notifications, deal with requests for information and manage problems accessing tax authorities' websites.

 

Best practices for managing your foreign VAT overview

The world of VAT is associated with administrative procedures, complex procedures and reporting formalities. Mistakes or omissions can be costly when it comes to VAT. To prevent penalties, it's a good idea to maintain a comprehensive scorecard that gives your tax team an accurate overview of VAT requirements in Europe.

Here's what you need to do to ensure your dashboard is relevant:

  • Define protocols for working with external VAT consultants: identify the information to be provided, its format and periodicity.
  • Designing a specific VAT schedule for each country is crucial, as deadlines vary according to location: VAT returns, intra-EU statements such as Intrastat and payments all have their own deadlines. Keeping track of these schedules helps prevent potential financial penalties.
  • Keeping track of VAT refunds in each country. An unusually long delay requires action on your part to find the reason and unblock the file.
  • Include future developments in business activities: your tax team, a strategic player within the company, is informed in advance of international projects, enabling it to anticipate VAT obligations in new markets.
  • Update the dashboard to reflect changes in legislation in different countries (e-reporting, e-invoicing, etc.) and company practices.

 

Entrust us with the management of your dashboard with complete peace of mind.

Sounds complicated? Entrust us with the control of your dashboard with complete peace of mind:

  • We'll take care of your VAT schedule: all you have to do is send us the required documents in a specific format and we'll take care of the rest, including meeting deadlines and carrying out reporting procedures. Responsibility is then transferred to our team. You benefit from a standardised work process.
  • Communication: We go beyond the role of a traditional supplier. We get involved to understand the heart of your business and deliver tangible added value through innovative concepts. This in-depth knowledge of your sector enables us to detect any anomalies and/or errors and propose appropriate solutions.
  • Accessibility: you have a dedicated contact person and we quickly identify the VAT issues for each new operation.
  • We can also keep you abreast of important legal developments and work together to find solutions.

 

The VAT expert's eye

Ensuring tax compliance in different countries represents a significant challenge, but also an opportunity to demonstrate your team's expertise and diligence. Controlling VAT is essential, because it directly affects the profitability of international activities. The role of your tax team is therefore central to ensuring that business operations run smoothly and in full compliance.

Harmonious collaboration between your tax team and our firm will help you achieve this objective with complete peace of mind.

Do you have a question about managing your VAT dashboard?

We offer a free video conference to assess your situation and provide you with a tailor-made solution.