5 Best Practices to Optimise VAT Reporting

The key components of your VAT report should include:

• Financial documents such as sales invoices and purchase orders with VAT clearly marked on them
• Input VAT – the amount of VAT you have paid
• Output VAT – the amount of VAT you have charged
• VAT Balance – the difference between Input VAT and Output VAT
• VAT reclaimed – on purchases and other items made during the period in question

Source Blue Dot

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