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The constant legislative changes, and sheer complexity of cross-border transactions, mean there is plenty of scope for taxpayers to make mistakes when filing their VAT returns.
Even if the paperwork is correct, you will be penalised if you submit your forms late. The tax team at VATINT understands the VAT registration periods and thresholds for each country, so we can ensure your documents are filed on time.
If issues arise with any historic VAT registrations, we can settle the issue and advise on how to avoid the problem in the future.
Many businesses fail to register for VAT when they exceed a country’s registration threshold, whether trading domestically or with other EU member states. We can monitor your real-time revenues so you can understand the situation in each country where you do business.
Whether you undertake one large project or make repeated deliveries of identical goods, you must ensure the appropriate level of VAT rate is applied to every transaction. We know that the rates for each EU country and can review your situation to spot any potential errors.
Some mistakes are obvious, but others can be down to a different interpretation of a taxpayer’s liability. That’s why a right of appeal is available to EU taxpayers in relation to VAT. So, if a mistake is spotted, what do you do next?
Swift action is needed to deal with any dispute, as this will mitigate any penalties. We can deal with the tax authorities and help you rectify any errors through a correction or a qualifying disclosure.
Tax authorities in EU states allow taxpayers to correct underreporting errors by including an alteration in the VAT return. In general, taxpayers generally can qualify for a correction without penalty if the net underpayment of VAT is less than 6,000 euros.
Any correction must be made the taxpayer’s income or corporation tax return is due for the chargeable period. If this time limit has passed, taxpayers will then be required to make a qualifying disclosure to correct the error.
This is a document that covers all the information surrounding the VAT error. We can assist with preparing your qualifying disclosure, which must be submitted to the local tax authorities with the payment of the under-declared VAT, plus statutory interest.
There two types of qualifying disclosure: