Our VAT audit services entail a meticulous and comprehensive examination of the entity's VAT accounting and VAT return filing practices. Every business registered under VAT must be prepared for potential VAT audits. These audits involve scrutinizing the VAT liability by thoroughly reviewing the accounting and bookkeeping records, as well as the VAT return filings maintained by the taxpayer.
We've observed a growing trend of Tax Authorities intensifying their scrutiny through audits and visits to companies. Many businesses have faced penalties and assessments due to simple system errors or processing mistakes that could have been prevented with proper oversight. Our VAT audit services aim to mitigate these risks by ensuring compliance and identifying any potential issues before they escalate.
VAT Audit Procedure
A VAT audit entails the government's inspection of a company's taxable entity duty. Conducted by the Tax Authority, this audit aims to ensure that all tax liabilities are met and that all taxes owed are collected and remitted to the government within the specified period.
We've developed an approach and methodology for post-implementation compliance reviews to identify and address errors and issues effectively. If you haven't yet conducted a review following the implementation of VAT, we highly recommend undertaking such an exercise to assess and validate your compliance status. This proactive step can help mitigate potential risks and ensure smooth adherence to VAT regulations.
Documents required for VAT Audit
- All receipted tax credit notes and documentations
- All tax invoices and documentation that have been issued.
- Records of purchases of goods and services for which the input tax was not deducted.
- Export records of goods and services.
- Accounts or tax invoices that have had modifications or corrections made to them.
- Details of imported goods, as well as customs declarations and invoices from suppliers
- All supplies and imports must be documented.
- Tax invoices and other papers pertaining to the receipt of goods and services.
VAT Audit Services by Innovate Accounting
When you partner with Innovate Accounting, you'll be joining a diverse array of businesses from various sectors who have reaped substantial benefits from our efficient services. Rest assured, your information will remain completely secure with us, and we'll support you every step of the way.
Our VAT services encompass a comprehensive range of topics. We provide top-notch VAT solutions aimed at helping businesses steer clear of VAT fines and penalties by guiding them in the right direction. From VAT registration and VAT return filing to VAT accounting, VAT audit, VAT refund, and VAT deregistration, we offer a holistic suite of services to meet your VAT-related needs.
Our team comprises professional and highly experienced VAT auditors dedicated to ensuring VAT compliance through best-in-class VAT audit services. With our expertise and commitment to excellence, we strive to help businesses navigate the complexities of VAT regulations and achieve their goals effectively.
