VAT is complex. Managing VAT compliance at a global level is exponentially more complex. But there’s more to it than that. VAT compliance is specialised. There are numerous rules and regulations and exceptions. Those regulations are constantly changing. You need to know when to register and when to file. You need to get the paperwork in order, on time, and cut through a mountain of red tape. That is to say, you need to focus on outsourcing your VAT compliance.
The strategic value of outsourcing VAT compliance
Your business is probably very good at managing complexity. But managing your VAT obligations in-house is invariably an inefficient use of your resources.
Outsourcing VAT compliance to a specialised global team frees your business up to focus on its core strategic goals. Here are some examples that illustrate why.
Multiple markets = multiple obligations
These days, it’s easier than ever to sell to multiple markets. Perhaps customers all over the world buy your products on your website. Or maybe you’re a digital services company, subject to digital services VAT in an ever-increasing number of countries?
To meet your global VAT obligations, you first need to ascertain where you even have obligations. As global VAT rules change, and countries update their policies, those obligations will change.
Once you’ve attained clarity on your obligations, you need to register for VAT everywhere you have an obligation, and ensure you consistently file your VAT returns correctly and on time. Each country’s tax office will impose different filing deadlines and formats.
If that’s not complicated enough, you’ll need to constantly monitor your obligations. Did the latest marketing campaign cause you to cross the VAT threshold in a new market? Finally, is there a new digital services VAT requirement in one of the countries to which you provide services?
A VAT compliance partner that’s one step ahead of change
On the other hand, suppose your VAT compliance is managed by a specialised VAT team. The team constantly monitors global VAT rules. As global VAT specialists, the team thus understands precisely what your obligations are in every market – and how you can optimise your compliance.
Moreover, your VAT team will ensure you are always registered for VAT wherever you have an obligation, and manage all the complex and cumbersome paperwork on your behalf.
It’s not just exponentially more efficient, you also eliminate the risk of noncompliance.
A technology-driven solution for any business
Vatglobal’s Enterprise Solution is the easiest way to ensure you are always completely VAT compliant.
Our specialised tax consultants will carefully assess your goals and obligations, and ensure even the most complex regulatory requirements are always met.
Our team will assess and manage all registration requirements, including:
- Obtaining an EORI number
- Fiscal representation
- Import VAT deferment schemes
- Bank guarantees/security deposits
Moreover, our powerful VAT compliance technology integrates with your existing systems, eliminating human error and making VAT submission simple, secure and efficient.
Above all, outsourcing VAT compliance to Vatglobal means you can focus entirely on growing your business.