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Key points
- Approximately 54% of businesses are not claiming back VAT to which they are entitled.
- Artificial intelligence and machine learning can help simplify the VAT reclaim system.
- Covid-related tax relief led to changing VAT rates that are more complex.
- Manual expense and invoice management can lead to human error.
- Digital platforms reduce the risk of non-compliance and help calculate reclaimable VAT.
- From 1 April 2021 British companies claiming VAT in EU countries will have to apply the standard procedures for each of the countries they want to reclaim VAT from.
The start of a new financial year is an important time for finance departments in the UK. It is a time to look at the current health of a business and how it matches against forecasted revenue. This step is more important than ever this year as businesses start to prepare for a post-Covid era.
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