Service Protects Customers and Boosts Cost Savings by Optimising Recoverable VAT Reclaim
LONDON, UK, 20 November 2012 – Concur, a leading integrated travel and expense provider, today announced the launch of its new T&E expense compliance offering in the UK. Designed for companies employing up to 750 people, the solution automatically ensures all submitted expenses comply with prevailing UK VAT rules.
The Concur Guaranteed Compliance Service helps businesses to navigate complex tax regulation by capturing the correct data when the claim is entered and then managing supporting receipts, to accurately identify all expenses that qualify for tax deductibility. The solution takes the pressure off businesses to keep up with changes in legislation and typically results in an increase in the amount of VAT that companies can reclaim. Furthermore, Concur will guarantee that the VAT amounts identified as recoverable will bear scrutiny by HMRC.
In addition to safeguarding compliance, Concur’s new solution delivers tangible cost savings for businesses by ensuring that where possible, all recoverable VAT is reclaimed.
David Vine, Managing Director, UK SMB at Concur comments: “We understand that growing businesses have a long list of priorities, and that staying abreast of HMRC regulations, VAT reclaim and other resource intensive processes isn’t always at the top. Our automated solution gives companies peace of mind that they are protected from non-compliance, and ensures they don’t miss out on valuable cash they are entitled to.”
Concur’s automated travel and expense management solution is also supported by a dedicated team of compliance experts focused on ensuring VAT rates and rules are constantly monitored and updated. This combination of best-in class technology coupled with deep tax and compliance expertise is unique in the marketplace and provides SMBs with a distinct advantage over traditional technology solutions.
Chris Pang, Principal Research Analyst at Gartner comments: “Tax and VAT compliance is especially challenging because legislation can rapidly change and businesses only have a limited window of notification before the new rules are enforced. Large organisations are much better equipped to handle these changes, but SMBs can use technology to help stay compliant and ensure they claim back their entitlement from HMRC.”
Available in the UK today, Concur intends to also rollout this solution to additional markets within Europe over the coming months. For more information, visit our Guaranteed Compliance Service page or our blog.