VAT Grouping
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How could VAT grouping benefit your business? A VAT group lets people and entities that are closely linked financially, economically and organisationally be regarded as a single VAT person. That means sharing your tax burden!
Your challenges
You want to:
- optimise your business structure and cut costs through the use of shared service centres or centres of excellence
- eliminate the risk of incorrect VAT treatment of intra-group transactions
- create a positive cash flow (e.g. in situations with one group member in a VAT-refund position and another in a VAT-liability position)
- reduce the limitations placed on your right to deduct input VAT
- eliminate the double application of limitations on your right to deduct input VAT (e.g. the double charging of car costs within a VAT group)
How PwC can help you
We can help your business by:
- acting as a VAT expert when setting up VAT groups (e.g. reviewing financial, economic and organisation links)
- performing a cost/benefit analysis that looks at the VAT grouping’s impact on your VAT deductions and cash flow
- providing a detailed action plan to efficiently roll out your new VAT group
- analysing your optimal VAT grouping structure
- assessing and optimising your VAT group’s input VAT deduction methodologies
- assessing how to prove the destination of bought-in services and goods, and the impact on your ERP system
- assisting in the preparation of a VAT grouping file and application (e.g. completing application form 606A, providing draft proxies to appoint a representative member, preparing cover letters to the competent VAT office)
- liaising with the central or local VAT office
- setting up new VAT procedures, processes and controls to ensure consolidated VAT reporting
- standardising requirements to document internal transactions within the VAT group
- reviewing VAT revisions/self-supplies to be performed at individual member and VAT group levels
- reviewing first VAT return and listings to be filed for VAT group
- providing VAT technical support after VAT group implementation