Audit

Audits: Don’t let one ruin your year

August 5, 2021 in European VAT, International VAT, VAT, VAT rates

Audits: Don’t let one ruin your year

It’s one of the most dreaded letters any business person receives. It starts innocently enough, “Dear Taxpayer, while processing your return, we noticed a few issues which raised questions…” and then the dreaded word appears: Audit. You just know that a tax inspector is going to want to look over everything. Your sales data, your books, your records, everything. They’re going to look for mistakes and try to squeeze every last cent from you. It’s bad enough that it could happen in your home country, but then you realize, your business is international commerce. You could be audited by any number of foreign tax offices as well. And then the relief hits you just as quickly; you’re a SimplyVAT.com client and we’re happy to help.

The Consequences

Audits are, of course, no small problem. In the modern world, tax authorities have much more legibility than in years gone by. We see it all the time. A client receives a letter regarding “control material”, in which the tax authority is comparing the submitted returns to information they have received from other, mysterious sources, and something doesn’t match. Sometimes it’s simple: “Please provide evidence for the import VAT you’ve reclaimed on your most recent return.” Other times it’s more complicated: “Control material shows that the total of intra-community supplies of goods delivered to your VAT ID number does not match the total amount of intra-community acquisitions you’ve declared.” And sometimes it’s downright scary: “We have evidence that you’ve underdeclared your turnover by tens of thousands of euros.” To make matters worse, tax authorities have broad powers to levy penalties and interest against noncompliant taxpayers. If you sell on an online marketplace, the tax office can have your seller accounts suspended. In some cases, company directors can be held personally liable for tax debts, and in the worst cases criminal prosecutions can be pursued.

A VAT Expert On Your Side

The serious nature of the potential consequences, as well as the complex, in-depth nature of the inquiry demands that taxpayers seek expert advice. Luckily though, for the VAT experts at SimplyVAT.com, this is just another day at the office. No matter if you’re a long-standing client or coming to us for the first time, we can handle your audit and, more likely than not, save you a lot money in the process. Our team has many decades of combined VAT experience, and we have solid, productive working relationships with all of the major EU tax offices. We can speak to the tax offices in their own local languages. We know the rules; the exceptions; how, when, and why to appeal. And this expertise has turned into massive savings for our clients.

Our audit services are available both a la carte and as part of our larger VAT compliance packages. Don’t let an inquiry from the tax office ruin your day, your week, or your year. Come to the experts at SimplyVAT.com, and let us handle your audit or other in-depth tax office inquiries for you. We’ll save you time and, quite possibly, a lot of money, meaning you can get back to doing what you do best: expanding your business.

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