International VAT is the most common and widely used consumption tax system used around the world. It has a global presence and is a fast growing tax system. Value Added Tax is one of the major factors in the cash flow of a business. The constantly evolving statute, guidance and laws of UK VAT are the ones to compound these cash flow implications. The VAT risks are managed around these VAT laws.
Inefficient and poor compliance processes leading to errors results in penalties. These penalties have a direct impact on the reputation of the business. Hence, it is extremely important to reduce any kind of risks associated with VAT and mitigation of losses due to the VAT compliance. This can be done with the help of HMRC approved software which contributes in digitizing the UK VAT compliance.
ProboVAT is one such VAT compliance software which helps the user to digitally maintain all the VAT records. With help of this VAT software, user can now electronically submit the VAT return online. ProboVAT is also integrated with the APIs of the HMRC and can be used to communicate with the same. This VAT compliance software contributes in streamlining solutions for all the VAT requirements. Furthermore, ProboVAT has its main focus on providing the analysis and trends of various VAT reports in form of graphical representation. This helps in getting a clear picture on the VAT status of the business.
VAT compliance of a business can be accurately done through ProboVAT as it does in depth review of all the transactions and invoices involved in the return preparation. It also does various reconciliations to check the correctness of the VAT return. ProboVAT also does a VAT number validation and ledger check. All these features of the VAT software help in reducing the VAT reporting risks. Therefore, ProboVAT makes the VAT process accurate and less prone to errors.