Invoicing instructions often feel as if they are the quintessential element of successful VAT recovery, and they are. However, keeping track of thousands of invoices is no easy feat and can quickly drain critical resources and incapacitate your finance teams. To take some of the heavy lifting off your shoulders, here are some top tips on keeping track of your invoices without exhausting your time, people, or money.
Let’s dive in!
Organized documentation and recordkeeping
Let’s be honest, the VAT reclaim process can feel like chaos without a moment’s notice. That’s why accurate and organized documentation and recordkeeping is quintessential for tracking invoices. Allowing some to slip through the cracks means that you’re fine with letting the savings opportunity slip through your fingers. But administering the VAT reclaim process goes far beyond holding onto original invoices.
Your business may be subject to specific invoicing instructions depending on the country you’re claiming foreign VAT from. Therefore, ensuring that all invoices are original and complete with all the required details and information on them is imperative. This generally includes information pertaining to supplier identification, tax amounts, and transaction dates. Checking and confirming the accuracy and eligibility of the information on the taxable supply information is critical to prevent compliance issues or claims being rejected.
We know sometimes it is not possible to retain the original invoice and sometimes non-compliant documents slip through the cracks. Fortunately, it doesn’t have to cause a roadblock. We help with the reissue of documents to get compliant invoices – no stress!
Timely submission and compliance
When submitting foreign VAT reclaims, timely submission and compliance are quintessential. This means all employees should be well-informed and fully equipped to navigate the multiple reporting instructions, submission deadlines, and regulatory requirements to ensure compliance. A few guidelines to ensure your team implements this best practice include tracing and monitoring all applicable foreign and domestic deadlines. Missing deadlines could result in forfeiture of the refund opportunity.
Understand the latest VAT rules
Sure, you may be compliant today, but tomorrow? Different story. Successful VAT administration requires teams to constantly stay updated with the latest VAT rules and regulations of each country that a business operates. Complacency is enemy number one, and companies should proactively stay in the loop with regulatory news and changes in the VAT world.
Outsource your recovery process to a team of experts
Reclaiming your VAT on business expenses can often feel like an administrative burden. However, maximizing your VAT potential and easing the administrative load should come at the cost of your time, money, or freedom. Are you ready to tick off the to-do list once and for all and move to effortless VAT reclaim? We’ve got you covered.
Reach out to our VAT IT experts here, or navigate the interactive invoice checklist to discover how to ensure compliance and accuracy for all your international transactions.
