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The Reality of VAT Compliance - A Case Study
In recent times, VAT has very much become a focus area for the Revenue Commissioners. VAT compliance, in particular, is coming under much closer scrutiny of late, with businesses encountering an increased level of interaction with Revenue in this regard.
A failure to operate VAT correctly can have huge ramifications for businesses. This article considers the VAT compliance obligations of a business through the medium of a fictional company, Leggo Ltd, focusing in particular on the common pitfalls and areas that tend to cause difficulties in practice.
This article considers a number of the common difficulties that businesses encounter in dealing with VAT compliance and how to deal with these - the requirement to maintain adequate supporting VAT documentation, VAT non-deductible items, accounting for reverse charge VAT, adjustment for input VAT, statistical VAT returns, VAT Return of Trading Details.
First appeared in The Irish Tax Review