Practical guide on how to act if the Treasury reviews VAT
Posted: Sun Dec 22, 2024 4:18 am
The Treasury is particularly active in the area of Value Added Tax . Since last July, requests have been made to review theVAT returns submitted.
The curious thing about this case is that, unlike in other years, these requests are being made to companies and professionals who had not requested a tax refund .
In this article we will try to give a practical guide on how to care for them:
1st Don't be scared. There doesn't have to be any mistakes.
Almost all requests received for this tax begin with the same phrase:
"In relation to the self-assessments of the russian phone number whatsapp Value Added Tax, corresponding to the year xxxx, certain incidents have been detected..."
That is a standard phrase used by the Tax Agency .
The fact that the Administration initiates a limited audit of the tax does not mean that the taxpayer has done something wrong. They may or may not have detected an incident.
It is advisable, upon receiving the communication, to check that the sums of the quarterly or monthly declarations 303 match the annual summary and that the boxes used are correct. The Treasury, unless the company is obliged to present the form 340 , does not have information to check many more things without starting the procedure and requesting. If everything is in order, it is most likely that it is simply a blind check that the registration books and the invoices that support them comply with the legally established requirements.
If an error is detected during the verification, it is best to submit the corresponding corrections and indicate this in the body of the response to the request. This will not prevent the penalty - if there is reason to impose one - but it may prevent the Treasury's verification from going any further.
It should also be noted that, in principle, there are 10 days available for submitting the documentation. These days are working days , that is, from Monday to Friday. If for any reason this is insufficient to meet the requirement , a postponement can be requested in writing, which is almost always granted tacitly, without express communication.
2º Provide the registration books in accordance with the standard
These standardized requirements usually request the following documents:
Record book of received invoices
Record book of issued invoices
Investment property registration book
Let's see what needs to be done:
Investment property registration book.
The investment goods registration book is only mandatory for those who must regularize VAT due to being in compliance with the prorata rule . If this is not the case, one less thing to prepare.
Presentation form
Prepare the books for submission, as indicated in the notification received, in electronic format : Excel, Dbase, Access.
Never in PDF or paper.
Bookkeeping with statements
It is essential to ensure that the quarterly totals of bases and quotas included in the books match the declarations filed. If they do not match, they should match.
Except in cases where the Administration has detected incidents that it wishes to verify, it is normal that, in a second request , it requests a copy of some of the invoices included in the book of invoices received that attract its attention, due to their nature and amount. In some cases, depending on the volume, it requires all of them.
If everything is in order, it is not usual, although you can do so, to request invoices from the register of issued invoices .
Include mandatory information
Check that the registers contain all the mandatory information: invoice number (order in the case of those received), invoice date, name and surname or company name of the client or supplier, NIF, taxable base , VAT rate and VAT quota . However, it is also not advisable to provide more information than that legally requested. It is advisable to eliminate any excess information.
No columns or data should be left blank. If a NIF, a name or, let alone, an amount is missing, the VAT quota will not be deductible.
The curious thing about this case is that, unlike in other years, these requests are being made to companies and professionals who had not requested a tax refund .
In this article we will try to give a practical guide on how to care for them:
1st Don't be scared. There doesn't have to be any mistakes.
Almost all requests received for this tax begin with the same phrase:
"In relation to the self-assessments of the russian phone number whatsapp Value Added Tax, corresponding to the year xxxx, certain incidents have been detected..."
That is a standard phrase used by the Tax Agency .
The fact that the Administration initiates a limited audit of the tax does not mean that the taxpayer has done something wrong. They may or may not have detected an incident.
It is advisable, upon receiving the communication, to check that the sums of the quarterly or monthly declarations 303 match the annual summary and that the boxes used are correct. The Treasury, unless the company is obliged to present the form 340 , does not have information to check many more things without starting the procedure and requesting. If everything is in order, it is most likely that it is simply a blind check that the registration books and the invoices that support them comply with the legally established requirements.
If an error is detected during the verification, it is best to submit the corresponding corrections and indicate this in the body of the response to the request. This will not prevent the penalty - if there is reason to impose one - but it may prevent the Treasury's verification from going any further.
It should also be noted that, in principle, there are 10 days available for submitting the documentation. These days are working days , that is, from Monday to Friday. If for any reason this is insufficient to meet the requirement , a postponement can be requested in writing, which is almost always granted tacitly, without express communication.
2º Provide the registration books in accordance with the standard
These standardized requirements usually request the following documents:
Record book of received invoices
Record book of issued invoices
Investment property registration book
Let's see what needs to be done:
Investment property registration book.
The investment goods registration book is only mandatory for those who must regularize VAT due to being in compliance with the prorata rule . If this is not the case, one less thing to prepare.
Presentation form
Prepare the books for submission, as indicated in the notification received, in electronic format : Excel, Dbase, Access.
Never in PDF or paper.
Bookkeeping with statements
It is essential to ensure that the quarterly totals of bases and quotas included in the books match the declarations filed. If they do not match, they should match.
Except in cases where the Administration has detected incidents that it wishes to verify, it is normal that, in a second request , it requests a copy of some of the invoices included in the book of invoices received that attract its attention, due to their nature and amount. In some cases, depending on the volume, it requires all of them.
If everything is in order, it is not usual, although you can do so, to request invoices from the register of issued invoices .
Include mandatory information
Check that the registers contain all the mandatory information: invoice number (order in the case of those received), invoice date, name and surname or company name of the client or supplier, NIF, taxable base , VAT rate and VAT quota . However, it is also not advisable to provide more information than that legally requested. It is advisable to eliminate any excess information.
No columns or data should be left blank. If a NIF, a name or, let alone, an amount is missing, the VAT quota will not be deductible.