The future of tax compliance is now.
Technology has historically played a relatively small part in tax compliance; it has traditionally been a labour intensive process. But this is set to change. Increasingly businesses are looking at how they can automate whole or parts of processes. In parallel HMRC (together with other tax authorities) is pivoting towards direct data extraction from businesses’ core financial systems in real-time with increasingly less human intervention. This has started to become a reality with Making Tax Digital (MTD) for VAT and we expect MTD for corporation tax within the next few years.
KPMG’s Tax Connect portal will allow us to manage the end-to-end process of preparing and submitting the tax returns to HMRC, including obtaining management approval to file. The purpose of this portal is to automate the data collection process, so the focus shifts from the administrative tasks toward the technical aspects of your compliance review. This will also enable us to provide companies with better insights based on a consistently obtained and therefore more comparable data set.
Once we are operating under MTD for corporation tax we will need to be able to produce quarterly computations quickly and accurately. Our KPMG Tax Connect portal and future planned technology developments will better facilitate this process once MTD is introduced.
What technological developments will you see from our experts over the next 18 months?
Learn more about KPMG Tax Connect and how we can help by downloading the slipsheet.
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