|
|
 |
 |
 |
|
|
|
| |
 |
|
|
|
|
|
|
|
|
 |
CASE STUDY |
|
|
 The challenge
Managing Luminar's
capital expenditure budget for tax purposes was becoming an ever increasing burden on
the in-house tax department. Annual expenditure of nearly £50 million required detailed
analysis to ensure capital allowance and capital gains reliefs were being maximised.
As part of a general review, the Head of Tax identified a need for more efficient
processes and the adoption of technological solutions to ensure that staff time was
spent more effectively on planning and advisory work rather than analysis. Furthermore,
the current legislative and compliance requirements highlighted a need for a
comprehensive audit trail between ledger data and tax figures submitted to the Inland
Revenue. Finally, a third requirement was to avoid using percentage based sampling
methods for agreeing capital allowance claims and to calculate the figures on an
exact basis.
The company already had a fixed asset accounting system and corporate tax computation
software, but needed the ability to bridge the gap between the two efficiently and
effectively to create automated analysis and report schedules directly from the ledger
data. This would free up tax department staff time to concentrate on project work
and advising the business on tax efficient structures, whilst also providing the
necessary audit trail. |
|
|
|
|
|
|
|
|
|
|
 |
 |
 |
|
|
