Tax & Accounting Blog

Making Tax Digital (MTD) for VAT:  What does it mean for you?

Making Tax Digital (MTD) for VAT: What does it mean for you?

The HMRC’s Making Tax Digital (MTD) mandate was designed to simplify and expedite tax reporting, with advantages, according to their gov.uk website that include:   Making it easier for individuals and businesses to get their taxes right Allowing businesses to integrate tax management with a range of business processes through software Contributing to wider productivity […] … Read More

How best-in-class tax software saves companies time and money

How best-in-class tax software saves companies time and money

In any large company, the idea of achieving greater “efficiency” is really an ongoing effort to increase profitability by finding ways to modify various systems, processes, and workflows in order to save time and money. Tax departments must also take into account external factors such as inflation and rising interest rates, which add pressure to […] … Read More

How does the U.S’s new Superfund Excise Tax impact European businesses?

How does the U.S’s new Superfund Excise Tax impact European businesses?

Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax, which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Reinstated as part of the (IIJA), the Superfund Excise Tax was originally […] … Read More

How to leverage ONESOURCE for regulatory changes across Norway and Romania

How to leverage ONESOURCE for regulatory changes across Norway and Romania

New regulations in Norway and Romania illustrate further regulatory updates impacting European VAT compliance and reporting obligations as tax authorities push towards digitalisation and greater transparency. Our constant monitoring of VAT legislation ensures that ONESOURCE Indirect Compliance continues to support our clients seamlessly through evolving changes. Below are the specific Norwegian and Romanian VAT changes […] … Read More

Tips for manufacturers to maximise VAT recovery

Tips for manufacturers to maximise VAT recovery

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

How procure-to-pay tax solutions help manufacturers avoid tax overpayments

How procure-to-pay tax solutions help manufacturers avoid tax overpayments

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