By 2020 UK taxpayers will have a personal tax account with access to real-time tax positions, but how will that impact global mobility services (GMS)?
HMRC have estimated a loss of tax revenue of approximately £8 billion a year from errors and mistakes alone. It is for these reasons that, despite considerable representations to delay the timetable, Making Tax Digital is likely to proceed as planned. The Government is investing £1.3 billion to ensure successful implementation.
The current model is a traditional downstream model that involves several administrative challenges. We believe the future of tax will present an opportunity to transform the Global Mobility Tax compliance process for assignees into a more simplified end to end process. This results in a number of benefits for the employers and the employees.
This is the first in a series of insights to be published in the next few months and the upcoming topics to cover are as follows:
Download our Making Tax Digital report (1MB) to see what this means for you.