VAT reporting


Business challenges

  • Businesses may not have a VAT person and need someone to manage their compliance, or
  • they do have one, but he or she is busy with other priorities and they need someone to manage the day to day issues

What we offer

Our interim VAT management services can be tailored to your specific needs, with one or more of our team of experts working either from your offices or as outsourced or co-sourced partners.

All of our interim management team are qualified tax specialists with substantial commercial experience. This ensures they can assume responsibility and make a positive contribution quickly and with minimal disruption to the business.

We can provide resource on a short or long term secondment basis and whatever your needs, you will have your own dedicated compliance partner who will manage the arrangements and who will be on hand to guide you guide and advise whenever required.

  • Plug short term gaps with experienced staff at short notice. Our staff can be hired as secondees on a temporary basis to plug gaps in the compliance work
  • We could do the in-house VAT bookkeeping for you; completing VAT returns, European sales lists and Intrastat reporting
  • Either on a part-time basis, for a few days a week, full-time for a certain period (e.g. six months) or permanently

We handle all areas of indirect tax compliance including:

  • Testing and review of VAT reporting
      • Testing of historic VAT returns
  • VAT /GST registration;
  • Indirect tax reporting; completion and submission of VAT/GST returns, Intrastat, EC Sales Lists and other supporting declarations;
  • Fiscal representation;
  • VAT management portal used for exchange of data, workflow, status of VAT compliance, VAT compliance calendar and Archive of ERP data, working papers and draft VAT returns
  • Co-sourcing option;
  • Transition to new team and provide ongoing training and support;
  • Work with systems integrators around VAT needs;
  • Handle VAT audits.

 


Optional tooling

The team could use their own state-of-the-art tax technology to support its work and operates robust and consistent processes to ensure optimum efficiency and risk management. We could also provide you with a secure on-line portal, where all returns and supporting documents are stored and archived. The portal also provides a calendar, updates and reminders.


 


The people

The service will be led by experienced and highly regarded tax professionals who will be actively involved in all stages of the work we undertake for you. The senior members of the team will be supported during the the day-to-day management by a strong group of experienced and motivated professionals with backgrounds as accountants and tax advisers within the Big 4 and industry.


Our aim

Our aim is to help improve your global VAT compliance processes in terms of efficiency, accuracy and transparency. We will provide also advice on best practice so that the management of VAT is optimal and, ultimately, the risks inherent within the VAT determination and reporting processes can be reduced and remediated over time.

For questions please contact us.




Take aways 

Bring in our senior VAT/IT team

To run an effective tax team or project with the practical knowledge and fresh perspective to help quickly plan and then implement a comprehensive and sustainable plan.

Senior team with additional experience and talent

Our team is highly experienced having held senior indirect tax posts within the Big 4 and industry. As tax experts we also speak the language of the business and IT and no translation is needed.

In-house VAT bookkeeping; completing VAT returns, European sales lists and Intrastat reporting

The service will be led by experienced and highly regarded tax professionals who will be actively involved in all stages of the work we undertake for you. 

People

The senior members of the team will be supported during the the day-to-day management by a strong group of experienced and motivated professionals with backgrounds as accountants and tax advisers within the Big 4 and industry.

Set up a project plan

  • Set up a project charter that will take effect preferable during feasibility but ultimately during design
  • Write a business case and problem statement
  • Define scope of the project
  • Define objectives and goals of the project
  • Involve stakeholders and define priorities
  • Set measurable milestones
  • Ensure that the right sponsors provide buy-in.
  • Identify (project) risks and how to manage them
  • Jointly validate and refine the project plan and develop a roadmap to success
  • Hold regular meeting to track progress of the various work streams

Anticipate what users would want

We combine technical knowledge with industry understanding and knowhow of technologically advanced tools and methodologies available in the market or developed by ourselves.

What do we like to achieve

  • Focus on tax processes that could be improved
    • Manual process: same data requests are made by different stakeholders
  • As Is assessment
  • Anticipate future changes and the data needed
    • What are tax trends?
    • What is happening locally and what should be considered across jurisdictions where you operate?
    • Anticipate new stakeholders and their data needs or requests (internal and external)
  • Define scope and actions for short, mid and long term
  • Write business case for change
  • Realize sponsorship for implementation

‘As is’ assessment, actions and business case

  • What tax data is requested and by whom?
  • What tax process can be improved and what can be automated?
    • CIT, VAT, tax data warehouse
  • What is the Return on Investment?
    • Hard saving: process improvement
    • Meeting (new) tax requirement
  • What systems are in use: SAP, Oracle, etc
    • By which entities?
  • How many end-use computing tools (e.g. excel spreadsheet) do we have?
  • How do we avoid an ad-hoc solution?
    • Understand the bigger picture
    • Real problem and not the symptom

Risk and reward

Technology-related tax risk: understand and address the potential harms and benefits of (new) technology.

Technology tools & systems integration

Ascertaining proper IT support for ensuring efficient, timely and reliable reporting.

Change and project management

VAT should be considered in every aspect of the process, from concept through completion and beyond. Managing by design — looking at any process or transaction from end to end and factoring in all the requirements and controls essential to designing and optimizing a compliant VAT process.

Effective communication and teaming

We speak the language of the business and IT and no translation is needed.

From concept through completion and beyond

VAT should be considered in every aspect of the process, from concept through completion and beyond.

Managing by design

Looking at any process or transaction from end to end and factoring in all the requirements and controls essential to designing and optimizing a compliant VAT process.

Global tax environment is in a state of fast change

The key to success in the management is the ability to translate tax knowledge into workable business processes.

Risk: a domino-like effect

With indirect taxes intertwining through the day- to-day operations of a company—raising sales invoices, moving inventory, paying suppliers, collecting cash—indirect tax risk can have a distinct and domino-like effect on the commerciality of an organization.

Tax audits and new technology

More than 80% of businesses are still using spreadsheets to manage their VAT compliance in at least one jurisdiction in which they operate, despite tax authorities around the world investing in better tools.

OECD's Standard Audit File for Tax Purposes

The SAF-T standard, originally created by the OECD (similar as BEPS), is intended to give tax authorities easy access to the relevant data in an easily readable format for both corporate income tax as VAT.

What if there are glitches in your data, input errors, empty fields, awkward descriptions in fields or apparent inconsistencies?

Tools and technology

Tax department utilizes leading edge tools and technologies in an integrated manner fully leveraging the functionality offered.

Data gathering

To apply an efficient data gathering process including standardized input by other departments and multiple use of data.

Access to data

Easy access to data and the majority of tax data is collected once and reused by departments.

Use of spreadsheets

Spreadsheets are replaced by technology tools and systems to make information more efficient available.

Knowledge management

The ability to contribute and exchange knowledge is technology enabled and fully supported by the tax department.

Action plan

Improvement points are identified and action plans executed/implemented.