It’s a legal requirement in many parts of the world – including within the European Union and the UK – to process the Tax Registration Number (TRN) of every supplier to your business.
It means that each time your company receives an invoice, you should check the TRN of the supplier to ensure:
- The TRN (also known as a VAT number) is valid.
- The registered name and address of the business matches your records.
Checking TRNs might seem like a task with only two clear outcomes; either each number you process will be verified by a tax authority or it will be incorrect and therefore rejected.
- The formatting of TRNs
- Why invalid TRNs are bad news for your business
- Introducing Checksum…
- How does checksum work for TRN validation?
Source: innovatetax.com
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