Technology has historically played a relatively small part in tax compliance. Traditionally, it has been a labour-intensive process, but this is set to change rapidly. 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 MTD for corporation tax expected in the future.
KPMG’s Tax Connect portal is a web application which offers a secure, centralised area for corporate tax compliance documentation. It’s a one-stop shop that brings together our information, tools and services. You can track progress through each compliance cycle in real time. Further, you can share and view all relevant data for each accounting period, and review and approve tax provisions or returns via computer or mobile phone, using your unique login.
The key advantage of KPMG Tax Connect is the way we use machine learning technology to process a business’ data. Our future-ready standard computation has been created with Making Tax Digital in mind. We can accurately categorise core financial data and map it to our standard computation within seconds, without the need for tax packs to be completed. This makes the compliance process more efficient and much easier to track figures from TB to tax computation. KPMG Tax Connect can also process multiple versions of core financial data and track changes throughout the year, e.g. from tax provisioning to final tax computation, whilst maintaining a clear audit trail.
Of course, it’s not all about technology. A team of KPMG tax compliance experts work in the background to support the compliance process. Having a consistent methodology and standard framework for the output facilitates a more effective analytical review both year on year and across the industry sector. This makes us well placed to use this data to help focus businesses’ attention on key risks and opportunities.
Learn more about KPMG Tax Connect and how we can help by downloading the booklet.