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
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
Essential questions to help you choose the right software vendor for your corporate indirect tax process. How do you sort through all the choices and find the right software vendor to automate your indirect tax process? Use the questions below as you evaluate vendors. The software vendor that provides the most items in the list […] … 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
If you had been working toward meeting the requirements of HMRC’s Making Tax Digital (MTD) for VAT deadline in April 2020, then you were probably relieved when it was postponed to April 2021. We’ve all spent this year trying to manage our way through the global pandemic, both personally and professionally, so having one less thing […] … Read More