Familiarise yourself with the company’s situation
to prevent risks and identify saving opportunities
Features
Diagnosis
We review the company’s situation, identifying any tax risks that could compromise its future.
Contracts
We analyse the VAT implications of contracts that the company has signed with customers and suppliers.
Opportunities
We identify tax saving opportunities by performing a comprehensive analysis of the company’s operations.
Consultancy
We answer any technical VAT-related queries concerning the company’s business activities.
Transactions
We analyse the VAT treatment of the company’s standard transactions, both domestic and international.
Issuing reports
When we have audited the company’s tax situation, risks and saving opportunities, we submit a personalised technical report.
Familiarise yourself with your company’s situation
A VAT audit of your company makes it possible to prevent any problems from arising in inspection proceedings and optimise your tax burden.
or write to us at info@ivaconsulta.com
Service details
Given the perceived neutrality of VAT, many companies are unaware of the risks that may arise as a result of the incorrect VAT treatment of their operations.
The involvement of different jurisdictions and tax administrations in multinational operations is an added complexity, which increases the level of any risks that may originate from incorrect VAT treatment.
These risks may become a reality in situations such as:
The involvement of different jurisdictions and tax administrations in multinational operations is an added complexity, which increases the level of any risks that may originate from incorrect VAT treatment.
These risks may become a reality in situations such as:
- The impossibility of passing on the VAT to clients.
- Loss of the right to recover input VAT or the extension of deadlines for obtaining refunds.
- Cases of double taxation.
- Imposition of sanctions resulting from the incorrect passing on, failure to pass on, or improper requests for refunds.
- Imposition of sanctions resulting from non-compliance with formal requirements and deadlines.
By auditing a company’s VAT situation it is possible to:
- Detect any existing problems which can be corrected prior to an inspection procedure, making it possible to prevent, or at least significantly reduce tax risks.
- Identify the lack of control routines and any shortcomings in the company’s procedures in terms of compliance with its tax obligations. This will reduce the risk of making sanctionable mistakes in its tax returns.
- Show potential tax savings derived from:
- Preventing the loss of deductibility of input VAT.
- Reducing the financial costs derived from excessive delays in recovering the aforementioned input VAT.
- Not applying the exemptions from which the company could benefit.
Why might a VAT audit be of interest to my company?
A VAT audit helps to detect errors in the VAT treatment of the purchase and sales transactions undertaken by companies. It also identifies shortcomings related to compliance with VAT obligations.
What are the benefits of a VAT audit?
By auditing a company’s VAT procedures prior to an inspection process it is possible to identify errors that could result in sanctions or in the loss of tax benefits. This enables companies to voluntarily regulate their tax situations, therefore reducing or eliminating their tax risks.By highlighting the lack of control procedures or any existing shortcomings in the company’s business flows, it will be possible to reduce the risk of committing errors that could result in the loss of tax benefits. This can also help reduce the cost of tax financing.
Is VAT auditing a costly procedure?
We tailor the scope of our services to our clients’ needs and budgets, and where necessary, the work can be done in stages.
As such, the Audit procedure may comprise an initial analysis of transactions and control procedures followed by a more in-depth analysis of detected problem areas and periods, based on the conclusions reached in the initial analysis. In addition, a more comprehensive review of the company may also be performed, encompassing all of the periods that may be subject to inspection.
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