A new online platform built by a team of international VAT industry specialists promises to save businesses time and effort while filing their European VAT returns.
euVAT Online is designed to offer companies doing business across multiple territories a simple, no-fuss solution that satisfies legal requirements for hundreds of returns across different VAT jurisdictions, minimising the risk of fines and the disruption of unwanted audits.
euVAT operates with a simple, automated issue-categorising process. A 'traffic light' approach helps users to visualise and validate data, identifying potential miscalculations and resolving them as quickly and efficiently as possible. Its creators claim that it will enable a capable VAT agent to complete each return in less than a minute, finishing what was previously up to 120 hours of work in an hour.
The platform is updated constantly with the latest changes in regulation across EU tax jurisdictions. On average, one change is made to VAT regulation somewhere in the EU every single day – a huge challenge for exporting companies who need to remain compliant with the law.
Martyn Redman, director of euVAT, said: "We're very proud to announce the launch of euVAT Online and start helping companies who are investing too much of their time and money on their cross-border VAT returns. Having been in the international VAT industry for over 20 years, I know only too well that overseas VAT can be a real mess for finance directors to untangle, costing businesses countless man-hours and impacting on the bottom line.
"With euVAT, FDs will be able to do the same job in a fraction of the time, safe in the knowledge that secure imports, clean data and compliance checks are keeping their business' interests protected."