Business & Industry
Future of Tax Q1 2023
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A tax system reform will help small businesses advance and grow more rapidly
Making Tax Digital was introduced to help small businesses and make the tax system simpler for them to navigate. However, before it can fulfil its potential, its shortcomings must be addressed. As part of the reform of the UK’s tax administration system, the introduction of Making Tax Digital (MTD) has the potential to ease the...
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Tax and technology can be a great partnership for processing data
It was less than 23 years ago that the first UK tax return was filed online. We’ve come a long way since then. But the potential of technology to change our tax system still has a long way to go. The Government’s 10-year strategy paper, published in 2021, highlights their plans: more use of third-party...
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How we are making international tax rules fairer and more stable
The implementation of the two-pillar solution will stabilise the international tax rules, enhance tax certainty and improve the fairness of the international tax system. As part of a landmark agreement reached in October 2021, 138 countries and jurisdictions have agreed to a two-pillar solution to reform the international tax rules to address the tax challenges...
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The Pillar Two model is almost here: why you can’t delay any further
The introduction of the OECD’s Pillar Two rules will lead to more significant data collection requirements, and tax teams need to understand if their current systems can accommodate this. The OECD’s Pillar Two Model Rules bring about massive change in the international tax world. The Global Anti-Base Erosion Model Rules (Pillar Two) or ‘GloBE rules,’...
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Placing growth at the heart of our tax system
Despite increasing business concerns regarding taxation, we believe in the potential of our tax system as a force for growth for SMEs. While energy and inflation remain top business concerns, the British Chambers of Commerce (BCC) is seeing the issue of taxation emerge as a growing anxiety for many firms. Tax system concerns According to...
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Building a digital future for tax to make it easier for everyone
Digitalisation of business records and tax administration is already helping UK businesses keep better control of their finances, reducing errors and saving them time. Most of us are already banking, paying bills and interacting online, so going digital with business records and taxes is the next step. Transforming online tax services In HMRC, with the...
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Clear tax policies are needed for climate action
Tax is not just about raising revenue; it can also be a powerful way to influence behaviour. Sadly, current policies leave something to be desired when it comes to tackling the climate crisis. Tax has been used as a tool to influence behaviours for centuries. High taxes discourage certain behaviours while tax reliefs can encourage...
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Companies urged to join the tax data digital revolution
Tax data management is still largely a manual process and with businesses struggling to cope — , now is the time to harness digital platforms to take the load off. The taxation landscape is undergoing a major transformation whereby authorities are scrutinising more than ever, and digitalisation is a necessity, especially for forward-looking companies. How...
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Compliant or complacent? Preparing for the future of e-commerce
E-commerce has boomed over the past decade thanks to an increased appetite by both businesses and consumers to buy and sell goods online. Global e-commerce sales are expected to reach USD8.1 trillion by 2026, compared to around USD5.7 trillion last year. Large organisations continue to adapt to accommodate online sales while online-only businesses pop up...