As we enter the final phase of HMRC’s MTD for VAT, we believe that the right software can deliver more than just compliance. Specialist VAT software will reduce risk, increase accuracy and control, as well as drive efficiencies.
As providers of both MTD and CT software, we are extremely supportive of the Government’s vision for a fully digital tax system; and as the creators of Alphatax, the product used for over 200,000 CT returns annually to HMRC, we are acutely aware how the proposed changes could impact the process. Here is a summary of what stood out to us the most.
The Finance Bill 2021-22 was published on 4 November 2021 formalising the Government’s legislative agenda for taxes in 2022 and beyond. The document includes a number of significant developments over and above the previews we saw on Legislation Day back in July.
With the December busy period for corporation tax submissions approaching many businesses may be set to encounter the CT600L for the first time.
HMRC is widening the net by building out its compliance capabilities with machine learning and data analytics. We look at the implications of these superpowers.
Rules that temporarily allow for trading losses to be carried back for up to three years have been introduced under Finance Act 2021. Rob Ogilvie walks us through the details.
Russell Gammon summarises how working practices, regulatory pressures and technological innovation are set to impact the tax function.