Who the VAT review suits
The review suits businesses trading abroad on a continuing basis, particularly within the European Union. Intra-EU supplies and acquisitions, as well as import and export, follow VAT rules of their own that differ from those for domestic transactions. Errors in the documentation or in the rate applied can increase the VAT liability and, in some cases, cost the right to deduct. A review gives comfort that the procedures are sound before the annual settlement begins.
VAT rules in cross-border trade
Trade abroad follows different rules from domestic turnover. Intra-EU supplies may be exempt, provided the documentation and identification requirements are met. The import of goods carries an obligation to account for import VAT. Services supplied abroad may be exempt or taxed in the country of the recipient, depending on the nature of the service. The review establishes whether the business applies the correct procedures and whether the documentation supporting the exemptions is sufficient.
What you receive
The report names each irregularity found, its cause and the consequence it may carry, and pairs it with a corrective recommendation for future transactions. Where a position depends on documents the business does not yet hold, we say which document settles the point. The fee covers the review and the report; ongoing settlements and representation before the authorities are priced separately.