TAX TRANSFORMATION

Our recent survey of the readership of Accountancy Age and Financial Director magazines revealed businesses are now preparing for further change in the wake of MTD and the pandemic and have firm ideas about the tools they need and what they want to achieve.

ACCOUNTANCY AGE SURVEY: FUTURE OF TAX

We asked the readers of Accountancy Age magazine about how they are approaching the automation of the tax function and to identify their future priorities.

The survey found:

  • Working patterns are changing with 62 percent of survey respondents expecting to work remotely at least some of the time
  • VAT workloads remain high, with more than a third of organisations spending at least 25 days on returns
  • More than half of organisations still rely on spreadsheets despite being aware of the increased risk of inaccuracies
  • Nearly 75% expect their role to change to focus less on manual tasks and error checking and more on value added tasks and tax planning
  • Top three priorities for the tax function are to reduce compliance workloads (64 percent), increase accuracy (49 percent), avoid penalties (45 percent)
  • Over a third want to gain tax insights from their data

 

Key takeaways:

  • Regulation may have instigated the transformation of the tax function but it’s the appetite for change and improved working processes that are sustaining momentum
  • Some businesses who took limited steps to comply during the pandemic may revisit their installations
  • Priority now is decreasing the compliance workload in anticipation of further change under HMRC’s plans for a modern tax administration
  • Demand for data analysis is increasing and tax teams expect to need to ‘skill up’
  • Automation is redefining working practices and seeing a rise in co-sourcing

To find out more on how businesses are continuing to digitalise and transform the tax function, their technological wishlists and how they expect their roles to change in the years ahead, download the report above.

READ THE REPORT

To get a copy of the ‘Future of Tax’ report, please click the button below.