The VAT audit procedure

It’s important to make sure that your VAT records are updated and correct.

One of the main aspects of keeping accurate VAT records is to keep track of input tax which you can claim from countries in which you do business.

As an international business with a growing global market, it can be challenging to keep track of foreign VAT legislations and charges, not to mention understanding foreign invoices and handling correspondence with foreign authorities.

However, if all these things are done correctly, you can save money, time and resources.

The VAT audit procedure

During a VAT audit, a VAT officer will visit your main premises to go through your VAT records and, if necessary, check your goods and supplies.

VAT audits should not be a reason for stress or worry – the VAT officer is simply there to check that you are following the rules, not to unnecessarily fine you or criticise your business.

At the end of the VAT audit you will receive a summary of their findings, which may contain suggestions to improve or change your VAT records.

A VAT audit should be regarded as a chance to receive free advice and feedback on your VAT records, however if you do have incorrect records or you cannot answer the VAT officer’s questions satisfyingly, you may risk having to pay fines or refunds.

If there are certain issues regarding your VAT records that you are unsure of, you should inform the VAT officer in advance, in order to give them a chance to read up on the issue.

If your VAT is handled by your accountant or is outsourced to an external consultant, you should ask this person to be present during the VAT audit, unless you are certain that you can answer any questions adequately yourself.

If you are unsure whether your VAT record is completely correct and have received notice of an upcoming VAT audit, we will happily check your records prior to the visit.

We offer a very advantageous pricing solution and can handle VAT recovery for all countries. Let us keep your VAT record up to date and you will never have to fear a VAT audit again.