Many businesses are being significantly impacted by Covid-19. Due to the largest work-from-home initiatives in human history, international travel bans and a significant decrease in in-store consumerism, businesses of all sizes are looking for ways to protect their finances and see themselves through these uncertain times. As a result, the general public and companies have had to think smarter, work more innovatively, and adapt to change more rapidly – and that’s the silver lining.
We are a company with 48 international offices and 1500 employees worldwide on every inhabitable continent. Our hearts and thoughts are with all those affected who have faced personal or business disruptions from COVID-19. We send our sincerest thanks to the tireless healthcare and service-based industry professionals that are still on the frontlines.
Times like these also remind us that our product could be an economic solution to overcome financial challenges. VAT refunds improve your company’s cash flow and reduce tax-related expenses. Our 20 years in the business of VAT reclaim have given us visibility into how tax recovery has reliably helped our clients during past economic downturns. If you have yet to explore your company’s VAT reclaim potential, perhaps there is no better time than now.
Understanding Retroactive VAT Reclaim
VAT reclaim works on a retroactive basis. For example, you could claim back the VAT incurred in your foreign T&E and A/P expenses in European countries dating back to January 2019. Some countries, such as Australia and the Netherlands, even allow VAT reclaim from expenses incurred in the past four years, making the opportunity even more attractive. Many countries are now extending submission deadlines to September this year as a response to COVID-19; our blog will be continuously updated with VAT-related news. Additionally, our international VAT Rates guide is a free resource for you to explore opportunities available.
Using VAT Reclaim to Generate Cash
Claiming VAT on past expenses is a reliable way to improve your business’s cash position in any economic situation. VAT is already present on all your business’s invoices, so if you’re not reclaiming it, money would be left on the table. VAT IT offers free, individualised analyses of your VAT reclaim potential so you know exactly how much is at stake.
A Digital Solution
As the largest global player in the VAT reclaim industry, VAT IT is at the forefront of tax reclaim automation and offers a 100% cloud-based digital solution (plus, it’s eco-friendly!). Our technology, VAT Cloud, integrates with your expense management software to pull the expense data needed. Using OCR on the data and the invoice images, VAT IT ensures compliance and prepares claims to tax authorities, all without needing to come to your offices. Our account managers, many of whom are chartered accountants, also use our business intelligence tools to proactively identify missed reclaim opportunities that can be maximised. Even while remote-working, they are still committed to providing our full range of services as usual.
Success-Based Fees Mean Zero Risk
Because our fees are contingent on success (we only charge a percentage on successful refunds), your business doesn’t face any costs upfront. This is how VAT IT aligns our interests with those of our clients. Furthermore, it is completely free to speak with our indirect tax specialists, as many times as you need, so you can understand your VAT reclaim potential before you make a commitment.
How to Start the VAT Reclaim Process
We encourage all businesses looking for ways to bolster their cash flows over the next few months to enquire about VAT reclaim. Our driving mission is to help your business find cash opportunities through indirect tax reclaim, and streamline the otherwise-complex process. We are on-hand (digitally) and happy to address any of your concerns.