One of the best things you can do to ensure success for your organisation in 2016 is to confirm you have a strong VAT compliance structure in place. Sovos has some ideas about four ways you can start this year on the right note:
- Review 2015’s VAT filings to make sure data is reconciled, worksheets are complete, and how you are compiling this data. If it is extremely time-consuming, now might be the time to reevaluate whether implementing a solution that works with your ERP could help you reduce errors and improve efficiency.
- Are you paying VAT at the right time? Are you correctly applying and recording zero-rated transactions? Does your process flag these and other special circumstances, use the correct codes and highlight where deficiencies may exist?
- Your VAT reconciliation process should also identify foreign VAT special circumstances, including Eight Directive situations.
- In order to prepare for year-end reporting A/R and A/P departments must cultivate a close relationship with VAT compliance managers in order to make sure reconciliations and all other VAT reports are accurate as numbers may change. More importantly, having an integrated compliance solution can be key to compiling the necessary data correctly to file VAT reports and other required paperwork.
For more detailed information about proactive ways to manage VAT effectively, we encourage you to download our new SmartBrief, 4 Tips for Starting Strong with VAT Compliance in 2016. And to stay up-to-date throughout 2016, sign up for our exclusive tax community newsletter and subscribe for our blog updates today. As a member, Sovos offers an informative monthly publication with key regulatory VAT changes in the European Union and beyond, as well as relevant articles around VAT compliance and automation.
