UK-based companies currently reclaim foreign VAT through the Electronic VAT Refund (EVR) 8th Directive, which does not require paper receipts. With most expense and corporate card systems now encouraging paperless environments, companies often do not keep any paper receipts.
Post Brexit foreign VAT reclaim will only be available to UK-based companies through the 13th Directive refund mechanism for non-EU members. Concern is already growing in the UK that by March 2019 foreign VAT reclaim may no longer be possible as paper receipts will not be available to make 13th Directive claims.
Will your company be affected?
No Paper Receipt = No VAT Refund
What can you do?
Act quickly! Preparing for and dealing with an eventual UK Brexit starts now!
Affected companies need to understand what the repercussions of any VAT & customs changes will be on their respective business planning, supply chain model and profitability.
If your business is registered for VAT in the UK or it involves cross-border trade with suppliers or customers in the other EU Member States, we strongly recommend that an Analysis is undertaken as soon as possible.
“We have been using Taxback International’s EU Compliance solution since 2013 and have been consistently impressed with their outstanding customer service and are extremely confident in their ability to provide an EU wide VAT compliance service.”
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What can Taxback International do for you?
- Provide a fast free analysis to determine your VAT potential.
- Ensure that all 8th directive claims are submitted by March 2019.
- Ensure your company is fully prepared for Brexit, and a possible change to 13th directive VAT reclaim, safeguarding your revenue stream from foreign VAT reclaim with no effort from your side.
- Ensure that your VAT registrations are updated in line with changing requirements.
- Assess requirement for fiscal representation on your part.