In a competitive market, especially within the construction industry, businesses must pay attention to a significant additional revenue source. What’s this income stream we’re referring to? Value-added tax, of course.
Step one: Don’t settle for good enough
Most businesses already have a process for recovering VAT on domestic business expenses. However, this merely scratches the surface regarding business expenses that your organization can rightfully reclaim.
Step two: Know where to look
Eligible expenses can be hidden in the most unusual places. These opportunities become more prevalent as your business taps into more VAT recovery resources and support.
Step three: Consider where the expense took place
VAT recovery can be categorized into two main types: domestic and foreign. The kind of recovery process greatly depends on where the specific expense occurred.
Well, if you’d like to deep-dive into the nitty-gritty of VAT recovery in construction, head over to our VAT in construction go-to guide.
Source: blog.vatit.com
