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VAT review checklist

Verify that the business is registered for VAT

Check if the VAT number is displayed on invoices and other relevant documents

Review the VAT returns and ensure they are filed on time

Confirm that VAT payments are made promptly

Check that input VAT is correctly calculated and claimed

Review invoices for proper documentation and compliance with VAT rules

Ensure that input VAT is only claimed on eligible expenses

Verify that output VAT is correctly calculated and charged on sales

Review invoices to ensure that output VAT is correctly applied

Confirm that output VAT is accounted for in the correct period

Conduct regular reconciliations of output and input VAT

Verify that VAT accounts are reconciled to financial statements

Investigate any discrepancies and resolve them promptly

Ensure that all VAT records are maintained and stored in accordance with regulations

Review records for accuracy and completeness

Confirm that VAT records are readily accessible for inspection by tax authorities

Conduct periodic reviews of VAT compliance processes and procedures

Identify areas for improvement and implement corrective actions

Document any changes made to improve VAT compliance

Provide training to staff on VAT regulations and compliance requirements

Ensure that staff are aware of their responsibilities regarding VAT

Encourage a culture of compliance with VAT regulations

Prepare for VAT audits by organizing and reviewing VAT records

Address any potential issues or discrepancies proactively

Collaborate with tax advisors or consultants as needed during the audit process

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