As with any form of transformation, Making Tax Digital for VAT (MTDfV) needs to focus on maximise business benefit. Any solution chosen should not only seek to confer compliance but also enhance productivity, reduce costs, mitigate risk associated with non-compliance, minimise change management, and provide support for further compliance regulation (eg Corporation and Income Taxes).
There are typically three avenues open to the business when it comes to MTDfV:
- Outsource: this is an easy option, as it entails the least amount of change internally, although handing over the process to an advisor also means the business has less control over its data, reducing oversight. Back office integration will still need to be considered in order to comply with digital link requirements. Over time this option could well turn out to be the more expensive as borne out by our 2018 Customer Survey which found almost three quarters of businesses saved over 50 percent in compliance advisor fees per annum when they brought corporation tax processing inhouse
Tax Systems is a leading specialist in corporation tax technology & services in the UK & Ireland. Their solutions automate the end-to-end compliance process and reduce operational risks so that expert professionals are able to focus on delivering more value to their business or clients. As of 24th May 2018, MXC Capital Ltd (LON:MXCP) holds a 4% share.
