Many businesses have significant VAT potential, bringing with it a wealth of opportunities and advantages. However, due to the seemingly complex nature of the VAT refund process, many businesses find themselves sitting on the sidelines, watching their competitors take the lead.
Fortunately, that doesn't have to be the case for your business. With our VAT expert by your side helping you with the winning strategy, your business can master VAT recovery without draining your resources. Hereâ€™s whatâ€™s in store for your business as it maximizes its VAT potential.
Can your business claim VAT?
If the benefits of VAT are so significant, why are millions in savings still slipping through the cracks each year? Well, one of the major reasons isnâ€™t that VAT recovery is too complex, but rather that many businesses arenâ€™t aware of their VAT potential or the plethora of hidden VAT recovery opportunities. With that said, before diving into the benefits, itâ€™s imperative that each business discover their unique VAT potential within the domestic and foreign recovery space. This can feel especially tricky to navigate within the international VAT reclaim space. However, with the help of our VAT IT foreign recovery experts, businesses can effortlessly administer and maximize their foreign VAT reclaim opportunities.
Improved cash flow
Successful VAT claims can have a significant positive impact on a companyâ€™s cash flow. By recovering the VAT portion incurred on eligible business expenses, a business can drastically reduce its cost base. The much-needed boost in liquidity that VAT refunds give, allows businesses to effectively allocate resources more effectively and alleviates any financial strain due to cash flow problems, effectively accelerating growth and business.
Boost business travel
Successful VAT refunds can encourage business travel and tourism. This is possible not only as a result of the cash flow injection, but because of the recovery opportunity within travel and entertainment expenses. Many countries have special foreign VAT recovery schemes, allowing non-resident businesses to reclaim VAT on certain expenses related to their T & E.
Fiscal transparency and accountability
As businesses start optimizing their VAT processes, refund mechanisms start to improve. With this comes greater financial transparency and accountability. In other words, VAT recovery processes and well documented refunds can encourage greater financial visibility, allowing greater inter-departmental alignment and insights from a leadership level.
Reap VAT benefits with VAT IT
Now, although the benefits of successful (and easy) VAT refunds may have a significant impact on your business, where do you start? Weâ€™ve got your (re)covered. Yes - VAT feels like a full-time job, but that doesnâ€™t mean it has to be yours. At VAT IT, we help businesses reclaim their VAT, time, and resources in one fell swoop with one centralized solution for all your VAT needs. If youâ€™re ready to start reaping the benefits of VAT refunds without the risk, our starter-kit business guide on Claiming VAT goes through the fundamental basics of optimizing your VAT processes and maximizing your refund yield. Alternatively, get in touch with us - weâ€™d love to hear from you and discuss how we can help you tap into a well of revenue through VAT recovery.