Taxback International sees opportunity for immediate cash injection as June VAT reclaim deadline nears
During tough times companies that act now can take advantage of big savings. In just a few short months, global business has effectively come to a standstill. While companies everywhere are looking for creative solutions to stay afloat, VAT reclaim is one option that can provide rapid results.
KILKENNY, Ireland, May 14, 2020 /PRNewswire-PRWeb/ -- Organisations must act immediately–June 30 is the deadline for reclaiming VAT on travel and expenses incurred in the EU during 2019. Thanks to automated solutions like VATConnect from Taxback International, acting fast has never been easier.
Taxback International VATConnect automates the entire VAT reclaim process; making it completely effortless for clients. It's also fast–so fast that companies that contact Taxback International before May 23rd can still benefit from the June 30 filing deadline.
"Many clients have reached out to us during the past few months to understand their options for quickly improving cashflow," said Catherine Quirke, CEO of Taxback International. "Our automated solutions give clients the ease and flexibility to quickly identify and reclaim their full VAT potential, even if they haven't filed for VAT in the past - sometimes up to 4 or even 6 years. Our technology platform enables fast access to all the necessary data and images to prepare and file these claims, presenting significant opportunities for companies that haven't been reclaiming VAT until now."
Forward thinking companies choose automated VAT reclaim solutions to eliminate manual effort and increase reclaim values. Now they are discovering another benefit- the ability to react quickly in times of crisis. Automation provides the flexibility needed to take fast action, so when deadlines, rates or regulations change, VATConnect's cloud-based solution is updated automatically. That means clients can stay compliant no matter what, without having to stay on top of changing VAT rules on their own.
As some companies are just discovering the opportunity to reclaim VAT, speed is key in order to make the June 30 deadline. VATConnect enables rapid reclaim because every single step is fully automated. Invoice and expense data collection is effortless- VATConnect automatically captures data and images from expense management systems, payment/ERP systems, corporate cards, hotel groups, and travel management companies (TMC's). That data is immediately reviewed by VATConnect's leading AI machine learning algorithms which applies the relevant VAT rules and regulations for each country. The result is a detailed report that provides insight into total VAT reclaim potential against total spend–so clients know exactly how much VAT they can expect.
From there, VAT is automatically filed, and clients have complete visibility into all claims, registrations, returns and payments. VATConnect can even reconcile the reclaim within the client's ERP system.
On average, clients increase their VAT reclaim by 50% in the first year. VATConnect's prescriptive analytics also provides actionable insights that help clients continue to increase their reclaim year over year.
Time is running out to meet the June 30 VAT deadline. Don't wait another day–contact Taxback International for your obligation-free consultation to understand how much you could be saving.
VAT is complex. Taxback International makes it simple.
SOURCE Taxback International
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