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 […] … Read More
HMRC’s Making Tax Digital (MTD) is about more than just introducing new rules; it’s about the digital transformation of tax. This agenda is creating a new, digitalised tax environment beyond indirect tax that all businesses will need to navigate going forward. It presents many opportunities for management through a new line of sight across the […] … Read More
As technology advances, so too does the reality of tax authorities wanting to drill into an organisation’s indirect tax processes to assess its compliance and controls. Failure to comply with tax legislation and demonstrate adequate controls can have a range of consequences, including penalties levied by authorities. Having end-to-end value-added tax (VAT) compliance software for […] … Read More
We can certainly agree that 2020 has been a roller coaster of a year so far. Every customer we speak with has their foot to the floor, and our own teams are working very hard helping customers get the best from ONESOURCE Indirect Tax. It’s not often we get to grab a few minutes to […] … Read More
According to the European Commission, EU countries lost an estimated €140 billion in value-added tax (VAT) revenues in 2018. It’s an astounding amount of money, yet through the introduction of digital tax reporting, many tax authorities have started to make positive inroads into recouping VAT payments from businesses. Whether these VAT losses are down to […] … Read More
There are several reasons why businesses may have stalled their deployment of technology solutions for HMRC’s Making Tax Digital (MTD) for VAT. Firstly, the deadline was extended to April 2021 and then the unimaginable happened when COVID-19 struck. However, HMRC has been very clear that there will be no further extensions to MTD for VAT. […] … Read More