FORECASTING THE FUTURE : UPCOMING TRENDS IN TAX TECHNOLOGY
CASHING IN
There ’ s no time like the present to consider the future , especially when it comes to tax . Russell Gammon , Chief Solutions Officer at Tax Systems , tells Us more .
As we head towards the end of another year , businesses are starting to reflect on the past 12 months , while also looking ahead and making plans for 2023 . In this spirit , let ’ s cast our minds ahead to see what some of the most significant trends driving the tax technology sector are – helping you keep ahead of the game and on top of business .
Making Tax Digital for CT
We ’ re already well-started on the path to Making Tax Digital ( MTD ), with VAT implemented and Income Tax taking centre stage in 2023 . Looking further ahead , MTD for Corporation Tax ( CT ) will be introduced in 2026 , so HMRC ’ s tax digitalisation rollout continues at pace .
Once MTD for CT does arrive , it requires CT quarterly submissions and VAT returns to be submitted as little as five days apart . This means companies must align their VAT and CT tax compliance processes for the first time . Understandably , this leads to more complexity for tax teams and has ramifications for which technology can best assist .
It will , therefore , make sense to synergise VAT and CT reporting as the new quarterly submissions will be much closer . How do we connect these distinct siloes ? A fresh look at legacy technology and the introduction of fully integrated CT and VAT teams . At the same time , upgrading from clunky spreadsheets that rely on manual input to more advanced ,
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