Print    Close   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. Tax Automation provides consultation services and software systems that underpin the Tax Risk Management strategy of large companies. We work with companies to identify areas of potential weakness in tax reporting and tax compliance systems, and help you by designing new processes and software systems as appropriate. This results in increased speed and accuracy at critical reporting times. The focus of our work includes all aspects of accounts analysis for tax purposes, with special emphasis on fixed assets, using our Capital Assets Database (CAD) product to track individual asset histories and compute capital allowances, chargeable gains and adjustments under the VAT capital goods scheme – including the complex interactions between these. This has attracted particular interest from companies with property portfolios and other asset-intensive businesses, and our clients have reported sharp reductions in the time they have to devote to computing capital allowances, contingent gains and deferred tax figures. 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. IFRS, SOX and FIN48 - our expertise helps you manage compliance with easy to use tools that get to the heart of your enterprise data, allowing you to maintain auditable systems that put you in control. FIN 48 (FAS109 / US GAAP) is an example of the seemingly inevitable move towards more onerous reporting, requiring individual transactions to be analysed. Examples of completed Tax Automation assignments and current projects include:    modifying existing spreadsheets used by a company's in-house tax function to make them more robust and auditable, helping to meet HMRC's new expectations on tax risk;    installing the Capital Assets Database to build and maintain asset histories for compliance and deferred tax reporting;    developing a corporate intranet to streamline collection of tax data and dissemination of the resultant tax information for strategic tax planning purposes; and    producing bespoke software to meet an identified requirement for additional functionality. In summary, the benefits that Tax Automation can bring to clients include:    reduced tax risk;    the prospect of more favourable risk assessment by HMRC;    an enhanced ability to respond to HMRC and other enquiries;    the ability to meet more stringent tax reporting requirements;    faster reporting at interim and year-end; and    a decrease in administrative costs. For further information about Tax Automation and our services please call us on 0118 988 0241.