Now that your VAT Reclaim is done, what’s next?
So you are reclaiming VAT, but are you still leaving lots of money on the table?
Taxback International helps you maximise your VAT reclaim with their continuous improvement program. We are dedicated to not only getting you a VAT refund but also making sure you are getting the highest potential refund while increasing your compliance levels. We report back on all transactions, not just your compliant ones – helping you to increase your VAT recovery year on year, optimising your compliance to its full potential.
- Is there a substantial gap between your potential VAT recovery and the amount you have actually recovered?
- Do you not have the resources to identify the causes of the VAT lost?
- Are your VAT compliance levels not at an acceptable level?
VATConnect – Analytics
Our Continuous Improvement Program drives increased success by providing you with better data to make better decisions.
Using VATConnect – Analytics, our advanced technology, we calculate the potential and actual recovery per transaction and from this identify the lost VAT. We are able to identify which specific entities are attributable to this lost VAT and which expense types within those entities have high levels of in-compliancy.
We can even provide further details on specific employees with high levels of compliance. By identifying specific entities, expense types and employees where the main problems exist, specific continuous improvement actions can be implemented.
Audit the VAT Gap- Enhanced VAT Audit
While our analytics identifies the areas within your business where VAT is being lost, the Enhanced VAT Audit gives a further level of insight by providing specific reasons why the VAT is being lost on every transaction. When our VAT Specialists are auditing your eligible transactions, in addition to adding the compliant transactions to the VAT refund application, with the Enhanced VAT Audit service, they will also categorise the eligible incompliant transactions to give important insight why these transactions are incompliant. Some of the main reasons for high levels of in compliance include:
- Employees not understanding what is needed
- Missing receipts
- Receipts in employee’s name
By identifying specific entities, expense type and employees where the main problems exist and, why this is occurring, specific continuous improvement actions can be implemented.
Our Continuous Improvement team will prepare a specific report detailing where and why VAT is being lost in your business, and prepare a tailored improvement plan to decrease VAT lost and increase your VAT recovery and compliance.
Education – Educate and Engage Employees
Taxback International will educate your employees on what VAT reclaim is, and notify them at key times on how to stay compliant. We understand that VAT can be complex, and is not a key concern for the majority of your employees. However, VAT reclaim is an important revenue driver and employees need to understand their role in the reclaim process.
Taxback International recognise that your employee’s time is precious, and therefore we have made the educational process as simple as possible for your employees.
Notification at the right time is of utmost importance – Taxback International’s Travel Notification and VAT ID cards will help to keep VAT compliance to the forefront of employee’s minds when they are travelling, maximising VAT refunds and VAT compliance.
- Rolling compliance level:
Taxback International will work with you to implement a tailored program to collect compliant receipts in order to claim your expenses.
- Higher VAT Refunds:
More compliant receipts = higher VAT recovery.
- Incentivises Employees:
You can pinpoint various entities, departments, and employees where VAT leakages occur. Specific incentives can then be introduced to target these areas, encouraging employees to improve their VAT recovery.
- Reports back on exactly where VAT was lost
- Reports back to department and employee level
- Incentivises departments and employees to become more compliant
- Improved VAT Compliance
- Increased VAT refunds