SOS Yachting France will be the first Tax representative to offer its clients VAT accounting and bookkeeping services for all the transactions carried out in France.
The French Administration has reminded yachts doing commercial activities in French waters that it is mandatory for them to keep the full accounting records of sales and purchases for the period the yachts are in France (including when there’s no commercial activity).
Every Company liable for VAT in France must keep records and accounting that enables it to demonstrate details of all its taxable or non-taxable business transactions.
The bookkeeping must enable taxable persons to provide information that may be requested by the French Authorities and mentioned on the VAT return forms. It must be a complete and up to date record that meets the French accounting requirements kept by the Owning Company of the yacht or by its tax representative.
In the absence of accurate information and supporting documents during a tax audit will create irregularities which will taint your accounts. This will give the Administration reasonable grounds to reject the accounts, irregularities and failure to keep or produce records can lead to financial penalty.
This service will give you the opportunity to reclaim input tax paid in France and, most importantly, keep your business in good shape and in compliance with the French law.
The service includes:
• tracking the yacht by AIS to identify the period spent in French waters;
• calling the Captain or the Manager to ask and receive copies of all invoices and business transactions while the yacht is in French waters;
• carry out the accounting and bookkeeping;
• French VAT offsetting;
• Intracommunity declaration.
As previously explained, the accounting while in French waters is not an option. It is a mandatory VAT law requirement.
Contact SOS Yachting France’s Team for more information: info.france@sosyachting.com
