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Tax Automation is a leading specialist in tax risk
management tools and systems consulting. Our software and services enable tax professionals in any
industry to simplify and improve the accuracy of their tax compliance and planning activities. |
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| HMRC's new risk-based approach to tax compliance has placed large companies under growing pressure to demonstrate the reliability of their tax processes. The traditional ad-hoc spreadsheet approach to collating and analysing data is failing to meet today's requirements for an audit trail from source accounting records to the final tax computation. |
| Many companies are looking for systems such as
CAD or
Tax Analyser
to provide a robust and auditable link between accounting records and tax
computations, not only to satisfy the needs of HMRC but also to support increasingly
demanding tax reporting requirements. |
| These include those imposed by IFRS, Sarbanes-Oxley and US GAAP – especially where there is a need for reporting based on individual assets or transactions. |
| IAS 12 on deferred tax is an example of an accounting standard that imposes heavy burdens, with a need to track assets individually, extra complications where assets are held for 'dual use', and the possibility looming of deferred tax having to be recalculated on a revised basis by 2009. |
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