Are you ready for the December VAT Deadline?
What is the December VAT Deadline?
US and non-EU companies should act now to reclaim VAT on corporate expenses and business travel incurred in the UK.
Eligible companies can reclaim VAT on goods and services consumed during the refund period (July 2018 to June 2019) in the UK. From buses and taxis, to meals and hotel stays, companies pay VAT on many business expenses during travel. Global business travel spend is forecast to reach $1.7 trillion by 2022, but many organisations still only recover a fraction of what’s owed to them.
How can my company prepare?
In order to reclaim UK VAT, the valid VAT invoices and receipts must be submitted to the relevant tax offices ahead of the deadline.
Taxback International can securely plug into your Expense Management System to extract all necessary data and images, in real time.
Taxback International provide an end to end solution, including preparation of the VAT reclaim application, submission to the local Tax Office, receiving the refund from the Tax Office and paying it back to client.
But time is running out.
The time frame for recoverable VAT is from the 1st July 2018 to the 30th June 2019. The deadline to reclaim is December 31st 2019. The deadline for transfer of data to Taxback International is December 1st to ensure applications are processed in time.
There is no scope for late returns, so if you miss the deadline - you lose your refund!!
VAT is complex, we make it simple. VAT reclaim is an important revenue stream, but it is critical that you submit your expenses and invoices well ahead of the annual deadlines or money can easily be lost. December 10th is Taxback International's internal deadline to receive your December deadline data. Take action now to avoid lost refunds.
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