If you wanna conduct a business of any kind, you gotta abide by the local tax rules and regulations. And to ensure that all the VAt records are clear, companies usually go through a VAT audit. The end result is naturally a VAT audit report. But what exactly is it? And what purpose does it serve? Well, we’re gonna answer these questions right now together! But first, make sure you know the different types of audit, because that’s where it all starts. Now, let’s get down to business, shall we?
What Is a VAT Audit Report?
The VAT audit report itself is the result of a VAT audit. And that type of audit is all about ensuring that a company filed its VAT returns on time. It also ensures that companies correctly charge and claim VAT as well as having truthful records. That all ends up in the resulting reports that different entities could request.
When Do Companies Conduct VAT Audits?
There are many reasons for which a company might need a VAT Audit report. First and foremost, the FTA might request it from businesses. Second, some companies include it with their yearly financial statements. Third, a VAT audit report would come in handy especially if there are discrepancies in VAT returns. Finally, in the case of mergers or acquisitions, this report will definitely come in handy!
What Does a VAT Audit Report Include?
Several things should be included in a VAT audit report. The main thing to include is the VAT registration details, as well as VAT returns and payments. Moreover, the report will include input and output VAT, along with their adjustments. This will also include risk assessments and pinpointing errors. Which will lead to proposals of improvements for VAT compliance.
Need Help Getting Everything in Order?
Honestly, we understand how much of a hassle doing a VAT audit report could be. Now the good news is you can save yourself that pain and outsource the job to firms that are specialized in handling it all. And well, you don’t have to look too far, because Noraal is one call away with its experienced staff.
But why settle for this when you can let us handle all your company’s financial work? Whether you need CFO advisory, accounting services s, or even a full range audit, we got you. Our goal is to help you reach yours as efficiently as possible, as well as help your business grow. So, make sure you check out our services if you’re ready to take your company to the next level! From enhancing financial performance to restructuring, your SME will be in good hands.