In a previous blog, Sovos focused on VAT registration and the steps a business needs to go through to determine where it needs to be registered. Once the registration is in place, there are a wide range of obligations that need to be met on an ongoing basis.
The first step is fully understanding these VAT obligations. This involves mapping the supply chain for the country of registration, which might have been done to some extent to determine the liability to registration but, in any case, the full supply chain must be mapped. This includes purchases of goods and services and not just the sales that the business makes which have created the liability to be registered.