VAT IT Official Partner
MySky and Satcom Direct
VAT IT has partnered with both MySky and SATCOM Direct to provide an industry-first integrated solution to manage corporate aviation connectivity; spend management as well as VAT recovery. Below is some greater detail on our partners as well as an FAQ page on our partnership for your benefit.
MySky is the only spend management platform developed for the private aviation industry. Using AI, optical character recognition, and machine learning, MySky brings standardization and transparency to an unregulated industry. The platform, a proprietary financial management solution, helps to decrease costs and optimize time for private jet owners, operators and consultants. Active for more than 5 years and servicing more than 350 aircraft worldwide, MySky operates as an independent, third-party player and offers the largest cost database in the industry. The company is headquartered in Switzerland and is active in Europe, the Americas and the CIS. For more information, please visit https://mysky.com/
About Satcom Direct
Satcom Direct (SD) and its group of companies provides global connectivity solutions for business and general aviation, military, government, and head-of-state aircraft. The company also provides land mobile services to areas with connectivity limitations. Since 1997, SD has worked to advance the technology of global connectivity, being first to market with many new capabilities in communications. SD’s industry-leading connectivity solutions are complemented by its divisional capabilities, including SD Avionics cabin router systems and SD flight operations software. The company’s next generation of services help to synchronize the aircraft with the flight department, connecting the entire flight operation. SD’s technologies provide the most powerful integrated data platform in the industry. For more information, please visit https://www.satcomdirect.com/
What is your pricing structure?
Fees are charged as a percentage of the cash recovered and are contingent on successful reclaim. No recovery = no fee. There are no start up fees and no monthly retainers.
As a result of your engagement with MySky/SATCOM Direct, our fee is a reduced rate of 20% of the cash, successfully, recovered.
I am not tax registered in every country; how can I reclaim VAT?
You do not need to be registered to recover VAT in a foreign country. The EU, UK, Australia, Japan, New Zealand, South Korea, and the UK allow for VAT recovery on certain expenses, by foreign entities as long as the costs are incurred in the furtherance of business enterprise.
I am domiciled in the USA and don’t pay VAT, how is the service valuable to me?
You can be domiciled in the USA and still recover foreign VAT for expenses you incur in the EU, UK, Australia, Japan, New Zealand, South Korea, and the UK. These countries allow for VAT recovery if the costs are incurred in the furtherance of your business.
What resources are required by me and my team?
Minimal time and resources are required by you and your team. In order to initiate the recovery service, we will guide you through the review and signature of country specific documents after which all other information will be extracted directly through the API with MySky/SATCOM and VAT IT will execute the recovery end-to-end.
I’m not sure how much VAT we incur, is it still worthwhile signing up for the service?
VAT IT charges solely on contingency basis and there is no resource requirement from your team until we have a clear idea of the VAT value, it is always in your interest to engage in the service. VAT is often a tax that is hidden and hard to identify in invoices, you may have more recovery than you think!
Who is VAT IT?
With over 40 wholly owned branches worldwide; servicing clients in 117 countries – globally, VAT IT Reclaim is the largest firm specializing in indirect tax recovery. VAT IT has been successfully recovering VAT for over 20 years and services more than 50% of the Fortune 500 companies.
How long will it take until I receive my cash back?
The refund period differs greatly, depending on the expense country. Typically, the time between claim submission and cash payment is usually around 6 months.
How do you get the information you need to perform this recovery?
VAT IT, MySky and SATCOM have entered an industry-first partnership that allows remote API extraction between the systems. This means almost all information we require can be extracted; with the exception of a few country-specific documents that require your signature.
Will I have oversight of the process and receive updates on the status of my claims?
You will receive a dedicated account manager who will facilitate your recovery and will ensure you have full oversight of all your claims. In addition, you will receive access to a cloud-based reporting site for full transparency.
Will this trigger an audit for my business in my current location?
No, there is no risk of a local tax audit. This recovery is made into foreign jurisdictions and is not associated with your local tax registration.
Does VAT IT often work with businesses like mine?
VAT IT is the largest business of its kind in the world. Included in the 15,000 clients that we service are more than 500 clients who own, charter, or lease corporate aircraft.
How far back can we go for this recovery?
The retrospective period of recovery is different depending on the country of expense. Regions such as Australia, New Zealand, the UAE and the Netherlands offer retrospective recoveries, going back a number of years. Most other regions work within a 12 month cycle.
Will our company be required to register for tax in the foreign country to recover our VAT/MOT?
No, this recovery is performed through a foreign VAT directive which does not require businesses to locally register in order to recover the VAT spend.