VAT training & support

“The hardest thing in the world to understand” Albert Einstein once said “is the income tax”. We wonder, then, what he would have made of VAT? It can be immensely complicated and difficult to understand And, with more and more companies operating globally, dealing effectively with various VAT platforms—often in countries with widely divergent rates, rulings, and applications—requires a depth and level of knowledge that is hard to come by. However, as any experienced tax professional will quickly tell you, a less-than-committed approach to VAT compliance can result in all manner of regulatory repercussions, some of them most unpleasant. The question is: do you have the internal resources and in-house knowledge to effectively, and efficiently, manage all your VAT-related tasks? For instance, can your people instantly provide answers to questions about reverse charge procedures or how to deal with retail exports so that your company can lower its output tax bills? Can they explain the mechanics of credit notes, self-billing, or Proforma invoices? Are they familiar with the intricacies of triangulation or the simplification procedure? If you’re not sure, then we strongly suggest you bring in outside counsel to help you train and support your VAT staff.

If this is your situation

  • You want to ensure that your VAT staff have the know-how to correctly reclaim VAT charged to your company in a number of other EU countries.
  • You need to train your staff in the creation of VAT-management blueprints which clearly define the core VAT/GST business model, encapsulate best practices, and develop a dependable methodology for dealing with all VAT-related issues.
  • Your staff has a fairly workable VAT-management system in place, but they need help defining and monitoring key performance VAT indicators for compliance, cost reduction, cash flow and working capital improvement.
  • You are running a growing, and successful, import/export company, but you don’t have the internal resources to efficiently manage all the rapidly-expanding VAT-related work now facing your firm.
  • You would like to create an on-going training program that coaches your staff in VAT developments in such areas as zero rated supplies, default interest, acquisition VAT, issues associated with freight transport, zero rated EC sales, and acquisition VAT.
  • You need to temporarily enlarge your VAT compliance staff—without incurring HR expenses—so you can help your regular employees finish crucial endeavours.
  • You are a seasonal business and you need highly-trained, experienced specialists to handle the upsurge in VAT-related issues that you face.
  • You have had bad experiences with temporary staffing agencies and are looking for a reliable, trustworthy partner to manage your VAT-management needs.

How PwC can help you

At PwC we can either train your staff in all aspects of VAT administration, or provide you with experienced, high-quality, PwC personnel who can fill your temporary VAT needs, on either a full- or part-time basis. If you elect to have us train your people, we have highly-trained specialists who can not only show them how to prepare and maintain records for VAT purposes, but also help them comprehend the importance of VAT and why proper record-keeping is important. Our personable instructors will explain the rules and regulations governing all aspects of VAT and explain the methods and controls that are required for the completion of correct VAT returns. In addition to giving students a full understanding of the operations and powers of Customs and Excise, we also provide a comprehensive review of the rules and regulations governing VAT and international trade. If you would prefer to have us provide staff, you select one of our hand-picked temporary employees, who are continually and carefully monitored by a PricewaterhouseCoopers manager who will be your personal liaison throughout the assignment. However, our staff member will work under your direct supervision and will have no involvement in managerial or operational decisions. And, based on the needs of your projects, we will organise regular meetings to discuss the quality of service delivery, and any other relevant matters. Plus, in a case where the temporary employee resigns (or leaves for another reason) we will immediately provide an appropriate replacement who can continue the service delivery. Let us help.