VAT For UNITED KINGDOM
Demands around VAT compliance are increasingly complex in today's changing environment. Thomson Reuters is here with ONESOURCE Indirect Tax to make the process easier.
While every business has its own unique in-house process around VAT compliance, common issues are:
- Succession planning
- Data integrity
- Risk management
- Responding flexibly to changing regulations
There are growing regulatory and professional business risks for VAT compliance. These include the concept of "reasonable care" - which under UK legislation could result in tax penalties - and the emphasis on a company to establish and maintain appropriate tax accounting controls.
Many companies find that their tax experts are consumed by managing compliance rather than adding value to the business. Developing in-house solutions can be expensive, problematic and outside of strategy core activity. In addition, maintaining up-to-date content and tracking key changes in tax regimes across multiple jurisdictions is arduous.
Thomson Reuters ONESOURCE Indirect Tax can help you address all these issues with ONESOURCE Indirect Tax.