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Where next for tax digitalisation?
Key points
- HMRC has not yet mandated making tax digital for taxes other than VAT.
- There is a growing trend worldwide to digitise tax reporting.
- Use of artificial intelligence by tax authorities to find inaccuracies in data submitted.
- The days of using Excel for VAT returns are numbered.
- Businesses must plan on how they will cope with increasing tax digitalisation.
Fifteen years ago while BlackBerrys were quickly gaining popularity to read and send emails on-the-go tax filings remained paper based. Today people are able to submit VAT returns through a smartphone and use an app to transfer money instantly. However even with the introduction of making tax digital (MTD) for VAT the VAT return submission still contains the same nine boxes.
Given the advances in technology and looking at the approaches taken by tax authorities overseas the scene is clearly set for...
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