Thomson Reuters | Tax & Accounting Blog
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Thomson Reuters | Tax & Accounting Blog
1w ago
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 gains for businesses by encouraging digitalisation
Improving accuracy of digital records
Enabling digital records to be sent directly to HMRC
Regarding companies whose products are subject to value added tax (VAT ..read more
Thomson Reuters | Tax & Accounting Blog
1w ago
Auditors are facing increased pressure every day to deliver high-quality audits in a timely and cost-effective manner.
But challenges are everywhere. The regulatory environment is in a state of constant flux, making it imperative for auditors to meet evolving standards. The sheer volume of data that requires meticulous examination grows exponentially, adding to the complexity of the auditing process. Traditional audit methods, once considered adequate, are now overshadowed by the rapid advancements in technology and the intricate nature of financial reporting. Consequently, the demand for more ..read more
Thomson Reuters | Tax & Accounting Blog
1M ago
The mounting stress experienced by tax professionals related to the tax provision process is a double-edged sword. It can cause anxiety, but may also present tremendous opportunities, according to panelists for the Thomson Reuters webinar:
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“From compliance necessity to strategic advantage: How can you master the tax provision process?”
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“The tax profession, overall, is facing some significant change ..read more
Thomson Reuters | Tax & Accounting Blog
1M ago
The pace of change experienced by today’s tax departments feels unprecedented. And, amid this transformation, tax departments are facing a host of challenges, including growing complexity, talent shortages, and financial constraints.
Yet, as challenging as the rapid pace of change may be, it doesn’t relieve tax firms of the responsibility to prepare appropriately. The good news is that choosing the right technology solutions can help firms successfully navigate these choppy waters and gain a competitive advantage.
Pressure mounting due to technological and regulatory changes
The tax industry i ..read more
Thomson Reuters | Tax & Accounting Blog
1M ago
The complexities of understanding and managing indirect taxes when doing business within the UK can be daunting. In addition to a plethora of ever-evolving domestic regulations and requirements complicated by Brexit, businesses in the UK must also consider challenges in complex areas such as customs and exports.
Compliance becomes more challenging every year with tax authorities demanding more information more frequently. To be compliant, small businesses and corporations alike are required to meet reporting obligations that have widely varying requirements and complexities depending on where ..read more
Thomson Reuters | Tax & Accounting Blog
2M ago
Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets.
These issues and more were discussed by tax and trade experts in a recent webinar hosted by Thomson Reuters “Empowering retailers to thrive and modernise tax management in an omnichannel landscape.” Omnichannel’s biggest challenges
Robert Kleppel, a partner ..read more
Thomson Reuters | Tax & Accounting Blog
2M ago
Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets.
These issues and more were discussed by tax and trade experts in a recent webinar hosted by Thomson Reuters “Empowering retailers to thrive and modernise tax management in an omnichannel landscape.” Omnichannel’s biggest challenges
Robert Kleppel, a partner ..read more
Thomson Reuters | Tax & Accounting Blog
3M ago
Maximising supply chain efficiency and minimising costs while managing compliance is a perpetual balancing act for companies as they navigate global trade. Compliance is often seen as a cost center as companies seek to mitigate risk. However, if approached strategically, engaging with the opportunities afforded by the modern regulatory landscape can help companies save money. They can generate value through efficiency gains, as well as duty and fee savings, deferral, and even elimination, plus they can take advantage of other benefits, such as accessing privileged entry status for shipments.
A ..read more
Thomson Reuters | Tax & Accounting Blog
3M ago
Whether it’s regulatory requirements, such as DAC7, GMT, BEPS 2.0 Pillar, or the ongoing tax industry talent shortage, tax departments are under stress like never before.
The proper utilisation and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organisations. Yet, technological maturity is low to moderate in many businesses.
Here are some of the biggest challenges and opportunities facing corporate tax teams today—and how technology can provide a boost while also relieving the ..read more
Thomson Reuters | Tax & Accounting Blog
3M ago
The geopolitical terrain is undergoing unforeseen changes, and certain prominent trends that had solidified in past decades are now experiencing a reversal. The regulatory and policy environment is both ramping up and diverging in critical areas. Multinational corporations and small businesses are facing significantly different challenges. And in a high-profile election year in many countries, trade could well feature as a key battleground, as candidates either try to set out their intentions to negotiate better bi- or multi-lateral agreements or conversely, to take a more protectionist stance ..read more