Now that all the financial statements for 2023 have been completed and our tax team will be filing the final returns next month, the upcoming VAT period is an important time for our firm.
During this period, our colleagues will use the VAT return to perform a mid-year closure of your accounts. Specifically, this means that we will close the year up until August 1st. It is crucial that all information is complete so that we can submit an accurate return. The sooner the administration is complete, the faster we can start the review process and finalize the closure.
Why are we doing this?
We have noticed an increasing demand from our clients to deliver annual accounts more quickly. Based on our experience over the past two years, we have found that we can achieve this for clients who keep their administration up to date on a monthly basis and whose VAT returns are submitted accurately and on time. For these clients, we can finalize the annual accounts before April 1st. Our goal is to extend this service to all our clients, so that after the VAT month, only minimal information will be needed for the year-end closing.
What do we need from you?
To process the VAT returns on time, we kindly ask you to review your administration during the first week of the VAT month and upload any missing receipts, invoices, credit card, and bank statements. Especially missing purchase invoices can negatively impact the final VAT amount.
Please note: Any documents received after the 20th cannot be processed in the October VAT return and will be included in the next quarter’s return instead. As a result, any VAT refunds will take longer to be credited.
How can I check if my administration is complete? A real-time administration starts with the daily submission of invoices, receipts, and other financial documents. You can do this via our portal or through our app, which you can download for free from the Apple App Store or Google Play Store. In your online environment, you can immediately see what is missing and provide our team with the necessary information.
They will process all the information within 24 hours and ensure the VAT review is completed faster. You can easily view and address the key points for your administration in Yuki. In this 2-minute video, you can see how these points are displayed and what actions you can take to expedite your VAT return.
Use ‘Support’ for any questions or concerns.
Practical has a built-in messaging system. The question button is located on the status bar at the bottom of each screen within the Yuki portal, and question marks are displayed throughout the platform, allowing you to easily ask a question. You can also call us at +31 (0) 88 011 4000 or reach out to a colleague using the direct number found in their email signature. Additionally, it is possible to easily schedule an (online) appointment with our colleagues.
