We were approached by a business that needed to become VAT compliant before they became fined for not operating properly by not being VAT compliant throughout their business. This also included ascertaining wether their accounting system was able to produce Tax compliant invoices and the reporting required by the Federal Tax Authority.
What we did
As with any VAT compliance project the start is always about defining the current VAT readiness of a business then implementing the various aspects required as well as ensuring if areas have been done incorrectly look at ways of fixing the issue and providing the necessary specialist VAT advice to become and continue to be VAT compliant. This business also required a VAT compliant accounting system which was implemented.
- VAT analysis and compliance report
- New accounting system implemented and personnel trained
- VAT compliance report recommendations implemented
- Specialist VAT Advice
Results & Benefits
The business was now fully VAT compliant. The owners had been trained to operate in a VAT environment and understood how the transnational processes that needed to followed in their business were understood. There was a new accounting system implemented and now the business was able to produce VAT compliant invoices, VAT reporting and other VAT relation accounting transactions.