The 2020 Self Assessment filing season was an unusual one. It started under lock down, with the challenges of remote staff working and receiving client information, and ended with a last minute extension. During it all, back in July, MTD (Making Tax Digital) mandation from April 2023 was quietly announced. At Thomson Reuters we have […] … Read More
How can manufacturers maximise VAT recovery with indirect tax automation software? Recovering as much value-added tax (VAT) as possible is a sound business practice for multinational manufacturing companies. VAT rates are typically much higher than the consumption tax rates in the US. For example, Hungary has a 27% VAT rate, the highest in Europe. VAT […] … Read More
As 2021 gets underway, and everyone is looking forward to a brighter year, we took the opportunity to catch up online with Toby Gallington, Head of Germany and Austria, Tax Technology, and Jeroen van Asch, Sales Specialist Nordics, from Thomson Reuters. We wanted to speak with them about the challenges facing tax professionals, how that […] … Read More
Thomson Reuters has and continues to monitor the regulatory changes the United Kingdom and the European Union imposes as a result of the BREXIT transition period that ended 31 December 2020. There have been and will continue to be various updates impacting the VAT treatments as policies for the UK and EU are updated in […] … Read More
Procure-to-pay (P2P) tax determination helps manufacturers reduce Value Added Tax (VAT) exposure and avoid wasting money through overpaid input tax Many manufacturers use a procure-to-pay (P2P) digital procurement system to help them extract the most value from their procurement spend. But they’re often overlooking a significant aspect of that spend: the rules around accounting for […] … Read More
Manufacturers should ask these four questions to focus their Value Added Tax (VAT) tax strategy, avoid VAT overpayments, and control spend. Controlling spend is essential at a time when manufacturers are experiencing an unprecedented level of stress from many directions. Given the amount of change in 2020, one important lesson learned this year is that […] … Read More