It can be difficult to convince people that I work in a fascinating, fast-paced and innovative industry. That’s because I work in foreign and domestic indirect value-added tax (VAT) reclaim. When I say that sentence, I see peoples’ eyes glaze over and I have to change the topic to cat videos on the internet.
But guess what? Foreign and Domestic VAT reclaim is interesting, inventive, cutting-edge and an absolute necessity for any business that incurs large amounts of T&E expenses overseas because there are ways to creatively save money. In fact, we’re constantly searching for ways to show people interesting facts that we come across in our daily tax grind. We crawl through our data looking for patterns that are worth knowing so companies can save on their bottom line both through VAT refunds and compliance.
Over the years we’ve picked up some really remarkable data on the patterns of business travel and in particular, hotel spend. From the most popular hotels that business people stay at, to the busiest times of year for business travel. We’ve compiled the data into a readable, easy-to-digest infographic that won’t make your eyes glaze over.
As the Financial Controller or T&E Expense Manager of your business, this will make for some interesting reading. And not only from a VAT recovery point of view, but also from a spend pattern approach. If most of your business travel is happening during holiday seasons and you don’t have corporate accounts with hotels, how much extra are you paying during peak season for that hotel? Are the hotels you’re staying at issuing you compliant invoices? Are you incurring major expenses in foreign countries that have no reciprocity or VAT refund opportunities? Should you be doing business in countries where you can claim up to 25 percent of your VAT back and save a quarter of the expenses? These are all questions you should be asking to make sure you’re aware of opportunities to save on finances.
We hope you find this insightful and entertaining! If not, there’s currently over 2 million videos and 6.5 billion photos of cute cats on the internet.
To learn more about how VAT IT and Concur work together, go here.