taxcompliancebusiness
Tax Audit Preparation Guide – Triggers, Record Keeping & Responding
What triggers audits, record keeping requirements, organizing invoices and receipts, common audit issues, responding to audit notices.
Aug 13, 20294 min read
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What triggers audits, record keeping requirements, organizing invoices and receipts, common audit issues, responding to audit notices.
When to write off a bad debt, accounting treatment, tax deduction eligibility, documentation needed, GST/VAT adjustment, preventing bad debts.
What tax treaties do, how they avoid double taxation, common provisions, certificate of residency, and impact on invoicing.
Vietnam invoicing: e-invoice mandate, VAT 8-10%, red invoice system, foreign contractor tax, compliance for small businesses.
Thailand invoicing: VAT 7%, tax invoice requirements, e-tax invoice system, withholding tax, foreign business invoicing.
Turkey invoicing: e-fatura and e-arşiv requirements, KDV (VAT) 20%, e-invoice portal, mandatory e-invoicing thresholds.
Poland invoicing: KSeF national e-invoicing system, VAT 23%, faktura requirements, split payment mechanism, JPK reporting.
Sweden invoicing: Moms (VAT) 25%, F-skatt registration, invoice content requirements, e-invoicing to public sector (Peppol), enskild firma.
Spain invoicing: factura requirements, IVA 21%, autónomo invoicing, SII reporting system, rectificativa (credit note), e-invoicing rollout.
Italy invoicing: fattura elettronica mandate, SDI system, IVA 22%, regime forfettario for small businesses, XML format, and penalties.
Australian Business Number explained: who needs one, how to apply, ABN vs TFN, including ABN on invoices, withholding when no ABN provided, GST connection.
South Korea invoicing: 10% VAT, electronic tax invoice (e-세금계산서), National Tax Service reporting, simplified invoices, penalties.
Saudi e-invoicing: ZATCA FATOORAH Phase 1 and Phase 2, 15% VAT, QR code, integration requirements, and penalties.
Mexico invoicing: mandatory CFDI e-invoicing, SAT certification, 16% IVA, RFC, timbrado process, penalties, and freelancer obligations.
Brazil invoicing: NF-e electronic mandate, ICMS/ISS taxes, digital certificate, Simples Nacional, municipal vs state requirements.
France invoicing: SIRET, TVA number, micro-entrepreneur exemption, auto-entrepreneur rules, Factur-X e-invoicing mandate, and penalties.
Netherlands invoicing: 21% BTW, 9% reduced rate, KVK number, BTW-id, registration thresholds, e-invoicing, and ZZP freelancer considerations.
US estimated tax, UK payments on account, AU PAYG instalments. Why they exist, how to calculate, when due, setting aside the right percentage, consequences of missing payments.
Gathering invoices and receipts, reconciling income, identifying deductions, organizing by category, common mistakes, and choosing a tax professional.
Home office, vehicle, tools, insurance, and more—claim the deductions you're entitled to. AU, UK, and US considerations.
Japan 10% consumption tax, qualified invoice issuer registration, mandatory invoice fields, impact on small businesses, and simplified invoices.
What withholding tax is, which countries deduct it, how to show gross minus WHT, tax treaties, claiming credits, and impact on freelancers and consultants.
Philippines BIR registered receipts, 12% VAT, ₱3M threshold, official receipts vs sales invoices, e-invoicing/CAS, and compliance for small businesses.
UAE 5% VAT, AED 375K registration threshold, tax invoice fields, simplified invoice under AED 10K, FTA compliance, and free zone rules.
Malaysia Sales and Services Tax (SST) 6%/10%, e-invoicing mandate 2024-2026, LHDN MyInvois, and what to include on invoices.
What reverse charge VAT is, when it applies (B2B EU, UK construction CIS, domestic), how to show it on invoices, examples, and common mistakes.
Outstanding invoices to chase, bad debt write-offs, credit notes, income reconciliation, EOFY dates for AU, UK, US.
India GST invoicing: GSTIN, tax invoice vs bill of supply, HSN/SAC codes, e-invoicing threshold, reverse charge, and compliant format.
Ireland VAT: goods €80K, services €40K thresholds, 23% and 13.5% rates, invoice content, ROS, contractor RCT rules.
Singapore GST: $1M threshold, tax invoice requirements, simplified tax invoice, e-invoicing, F&B and services, IRAS compliance.
South Africa invoicing: VAT registration R1M, tax invoice content, 14% VAT, abbreviated invoices under R5K, SARS compliance, B-BBEE.
US sales tax invoicing: state nexus rules, when to charge, exemption certificates, digital services, separating tax, common freelancer mistakes.
Tax invoice vs regular invoice: when required, extra information, country differences (AU, NZ, UK, India, Singapore), consequences, examples.
Germany invoicing: Pflichtangaben mandatory fields, Umsatzsteuer-ID, Kleinunternehmerregelung €22K, EU reverse charge, Gutschrift vs Rechnung.
Australia GST: $75K threshold, $150K non-profits, voluntary registration, BAS obligations, cash vs accrual, ride-sharing rule.
Canadian invoicing: $30K GST/HST threshold, provincial sales tax, mandatory fields, bilingual rules, input tax credits, Quebec QST.
UK VAT invoice rules: £90K threshold, full vs simplified VAT invoices, flat rate scheme, Making Tax Digital, and common mistakes to avoid.