2020 has been a very different year compared to what we all expected. From an indirect tax perspective, the phase two deadline of MTD for VAT was on the horizon for 2020. Planning for Brexit, whilst uncertain, was definitely on the radar. The pandemic upended all of this and took everyone into a daunting and dynamic world, the implications of which went far beyond whether the indirect tax team was ready for MTD for VAT.
During 2020, we have seen indirect tax teams develop new processes and ways of working remotely – it has been a huge operational challenge – not to mention trying to keep businesses afloat, dealing with health concerns, and balancing work and home life when both are happening in the same rooms. In terms of indirect tax, we have seen the government introduce different schemes and payment deferments to try and help the UK economy weather the storm.
Many of these challenges remain on the table for 2021, and organisations are increasingly using tax technology as a way to address everything the modern indirect tax team faces. The COVID-19 pandemic is accelerating the drive to cloud-based technology solutions as well. Against this backdrop, we recently ran the webinar “How indirect tax technology can shape tomorrow’s tax departments” to discuss the issues with experts from across the tax world, including:
Gunjan Tripathi, Senior Proposition Manager for ONESOURCE at Thomson Reuters
Frank Cambie, Partner – Tax Technology and Transformation at EY
Peter Kabat, Programme Manager – Tax Senior Advisor at Dell
Anton Nefjodov, Global Indirect Tax Manager at Endeavor
The discussion looked at a number of areas including what had changed the most for organisations during 2020. There was a definite consensus that there had been a shift in thinking about indirect tax technology and its role in the future rather than simply as a means to address a specific regulatory requirement.
The group also shared experiences and learnings about using and implementing indirect tax technology from a customer perspective. A number of great tips were offered for those thinking about how to make the case for investing in tax technology platforms to support their needs.
During the live webinar, a poll was conducted with nearly 200 viewers, asking a variety of questions about tax technology. The results offer great insight into where UK tax professionals are not only in terms of shaping the future of their indirect tax departments, but also with pressing issues such as preparations for the MTD for VAT phase two deadline in April 2021. For example, it may be a relief to realise that only 11% regard themselves as advanced when it comes to their current use of tax technology. However, two-thirds are using tax technology solutions to replace at least some manual processes and Excel spreadsheets.
You can watch the “How indirect tax technology can shape tomorrow’s tax departments” webinar and see the poll results at any time. Gauge your experiences against those of your peers, and pick up some ideas about how you can bring the future into your indirect tax processes and automate mundane tasks, so your team can focus on higher value tasks that drive your business forward.
Contact us today to learn more about ONESOURCE Indirect Tax Determination.