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Survey Finds 70% of Tax Professionals Stalling on Making Tax Digital For VAT

Vlad Poptamas

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Photo source: liricaccountants.com
Reading Time: 2 minutes

 

A recent Thomson Reuters® survey of UK tax professionals’ attitudes and readiness for Making Tax Digital (MTD) for VAT has revealed companies are still unsure how to prepare for the deadlines. MTD for VAT is the latest step in HMRC’s aim to move towards a digital relationship with customers and become “the most digitally advanced tax administration in the world”.

Asked about the status of their MTD for VAT implementations, 70% of the 146 tax and accounting professionals surveyed stated they had developed plans, but not started implementation. The survey also found that 37% of respondents will now hold fire on changing policies until they hear more from HMRC about the revised October 2019 MTD for VAT deadline for “businesses with complex requirements”.

Paused or poised on MTD?

Nearly three quarters of respondents (72%) in the November 2018 survey stated that concerns about software and digital records maintenance are their greatest worries in preparing for MTD. The decision to delay implementation means many will miss out on the benefits digital tax reporting can bring. This could potentially lead to a greater risk of businesses needing to take a “sticking plaster” approach to meet the deadlines.

When asked, 62% of respondents admitted VAT processes are still tracked manually, despite 80% saying they use the HMRC portal to submit VAT returns, compared with 53% in summer 2018. Increased use of the portal is positive, but it is clear that finance departments are unsure on the technological and process changes they need to make moving forward.

Breaking out of the spreadsheet – seize the opportunity

When storing VAT data, 55% of accountants said they use spreadsheets, with 23% preferring other in-house software, up from 30% in summer 2018. Post implementation, a third (34%) believe that they will still use Excel to store digital records relating to VAT, suggesting they are considering a “quick fix approach to MTD for VAT”. However, choosing a complete tax compliance software platform gives companies access to features such as exception reporting, full data audit trails including manual adjustments, group and divisional reporting, as well as being ready for future digital tax requirements, such as corporation tax submissions.

Kim Hau, senior proposition manager for ONESOURCE Indirect Tax at Thomson Reuters said, “There is a real opportunity for tax accountants to embrace software that does much more than simply file a return. By accepting the inevitable move towards digital tax reporting, companies can use the new October 2019 deadline to implement indirect tax compliance software that will bring benefits such as automation, reporting, cost savings and improved compliance. It will mean businesses are ready for 2019, 2020 and other future tax changes, rather than taking a quick fix ‘sticking plaster’ approach.”

Increasingly accountants are relying on technology partners to keep them informed on Making Tax Digital – 40% reported this to be the case, up from 16% in summer 2018. Asked how MTD was being communicated within their organisations, 44% stated it had been communicated at an organisational level, but not to them personally. This suggests that training is yet to start within teams on how processes and individual responsibilities may change in respect of VAT.

Thomson Reuters

Thomson Reuters is the world’s leading provider of news and information-based tools to professionals. Our worldwide network of journalists and specialist editors keep customers up to speed on global developments, with a particular focus on legal, regulatory and tax changes. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com.

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Business and Management

MGBF Golden Quill Media Awards to Usher in World Press Freedom Day 2019

Betty Tűndik

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The Malaysia Global Business Forum - Golden Quill Media Awards will recognise the contributions of the media towards a sustainable future.
Reading Time: 3 minutes

 

The Malaysia Global Business Forum will host the MGBF Golden Quill Media Awards in Kuala Lumpur on the 2nd of May, 2019, on the eve of the World Press Freedom Day. Over the past 12 months the media landscape has seen multiple changes as the country continues to chart a future towards a developed nation status. MGBF believes it is important to recognise the individuals at the cutting edge of that change.

To make it more meaningful this year’s awards will be held on the eve of World Press Freedom Day, which was first proclaimed by the UN General Assembly in December 1993, following the recommendation of UNESCO’s General Conference. It is an opportunity to celebrate the fundamental principles of press freedom, assess the state of press freedom throughout the world, defend the media from attacks on their independence and importantly pay tribute to journalists who have lost their lives in the line of duty.

“World Press Freedom Day is an opportunity to stop and take stock of where we are and where we want to be, to understand how the broader media industry can move towards a positive and sustainable future that contributes to the development of society.  In that light, the Malaysia Global Business Forum will continue to support the government and stakeholders to improve the media’s capacity to report fairly in the cultural and technological context of Malaysia,” stated Nordin Abdullah who is the Founding Chairman of the Malaysia Global Business Forum.

When most people consider press freedom they seldom consider the importance of media’s ability to report freely and fairly on business activities in the country. “Freedom comes at a price, the media first need to be empowered with the right tools, that includes tools to monitor social media and other data driven solutions to access the vast sea of information that is now available, these require resources and expertise. We should not have a press that is on the wrong side of a technological divide in case they are easily manipulated.”

The Malaysia Global Business Forum would also like to see more international collaboration between Malaysia and other countries to increase the capacity of journalists “Diplomatic missions and international businesses established in the country should look at programs which empower local journalists and increase linkages with other countries.”

The continual improvement of the media is serious business but the awards evening is a chance for the media to let down their hair and relax. “While the media and in particular business media is a serious matter, the event will be held at fun place, the Muito Bom! Brazilian BBQ with a live band. The Muito Bom! Brazilian BBQ in Nexus Bangsar South is a great venue with great food and an excellent concept which allows everyone to have a good time. We want the media to have a chance to relax,” stated Nordin Abdullah who is also an EXCO member of the Malaysia Australia Business Council.

The categories that will be recognised this year will be as follows: Most Influential Commentary Award; Emerging Reporter of the Year Award; Best International Business Reporting Award; Best Local Business Marketing Award; Best Sports Industry Development Award; Best International Bureau Coverage Award; Best Integrated Media Award; Best SME & Local Business Coverage; Most Innovative News Distribution; Most Innovative Data Driven Journalism; Best Property Industry Reporting; Best CSR Reporting; Emerging Data Analytics Firm; Best Social Media Video Development and the Best Report on Women in Business.

The Malaysia Global Business Forum was established to assist stakeholders at the intersection of international business and Malaysian business through advisory, advocacy, research, networking and business matching. The awards night will recognise the important role that the media plays in that dynamic.

Invited guests include the President of the National Press Club, Dato’ Ahirudin Attan @ Rocky Bru, the event is also supported by the Crisis Management Centre and media consulting firm Bendahara Solutions.

For more information please visit www.MalaysiaGlobalBusinessForum.com

 

SOURCE: Malaysia Global Business Forum

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Asia

China based innovation, CDMOs and Parallel Approvals driving huge growth in manufacturing at CPhI China

Betty Tűndik

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Reading Time: 3 minutes

 

Significant increase in exhibitors driven by bio growth at bioLIVE and separate nutraceuticals event.

CPhI & P-MEC China (#CPhIChina and #PMECChina) – co-organized by UBM EMEA, CCCMHPIE, and UBM Sinoexpo – takes place at the Shanghai New International Expo Center (SNIEC) on 18-20 June 2019. The event will be co-located with ICSE, InnoPack, bioLIVE, NEX, Labworld, FDF, and EP & Clean Tech. Seen as the bellwether of pharmaceutical trends across the country, CPhI & P-MEC China’s agenda is packed with content from over 100 onsite conferences and activities as well as more than 50 seminars, with speakers from China and abroad.

One of the key trends to emerge this year is the rise in the number of innovative China-based biotechs – coupled with the easing of regulatory pathways and an emerging CDMO sector – is fueling a significant growth in manufacturing across China. In view of this, experts at the event will assess the Marketing Authorization Holder (MAH) Pilot Program, as well as recent reforms of China’s regulatory landscape and the opportunities for international pharma.

With the Chinese pharma growing at a ferocious pace, CPhI & P-MEC China is expected to welcome 50,000 attendees in its 19th edition – a year-on-year increase of 30% – which is further indicative of the buoyancy of the Chinese market. The event is also expected to see a 6% increase in exhibitors, with more than 3,200 from over 120 countries in attendance.

“China is issuing new guidelines at a feverish pace and will be harmonized with ICH very quickly. The result is that over the next two to three years’ poorer quality manufacturers will drop out of the market and China’s manufacturers will look to compete in international markets as well as domestic” CPhI Annual Report Expert, Bikash Chatterjee on outlook of 2019.

Wider market data also supports this ongoing boom, with China’s pharmaceutical market projected to grow strongly from 115.2bn USD in 2016 to 159.4bn USD by 2021 and 234.2bn USD by 2026. This represents a 10-year compound annual growth rate of 8.8% in local currency terms and 7.3% in US dollar terms. Similarly, bioprocessing in China has been on a trajectory of rapid growth, with a 39% growth in facilities, and total capacity is growing >8% annually, with biosimilars offering the largest growth potential.

At the 2019 edition, for the first time, CPhI & P-MEC China 2019 will launch bioLIVE – their new bioprocessing and manufacturing exhibition – which has evolved from the previous BioPh China and will run adjacent. This exposition is in response to the large molecule trend within the industry, and arrives at a particularly prominent moment. Within the last year, there has been a proliferation of biosimilars and double-digit approvals of biologics – as well as a host of investments taking place in contract services.

Marie Lagrenee, Brand Manager at CPhI & P-MEC China, commented: “The growth of the Chinese pharma economy has been exponential in recent years, with regulatory reforms spearheading the increased interest in the region from both domestic and international companies. With a bourgeoning CDMO sector and recent harmonization by ICH, it’s pivotal that events such as CPhI & P-MEC China provide a platform to drive growth, exchange new ideas and expedite new deals to help nurture this budding market.”

The third edition of China Pharma Week will take place alongside CPhI & P-MEC China on June 17-21 2019, focusing on Leadership, Business, Networking, Innovation, Recognition and Knowledge. Activities will include plant visits, a networking dinner, women in leadership forum, summits and the Innovation Gallery Tours, giving a deeper work floor insight and dedicated industry conferences on different sectors.

For more information, please visit the official website: www.cphi.com/china

Notes to editors
Notable features at CPhI China 2019 include:

  • Over 100 onsite conferences and activities with speakers from China and abroad, 50+ seminars
  • The renowned Matchmaking Service, an online matchmaking tool, which enables attendees to search for and arrange meetings with exhibitors prior to the show according to their business goals
  • The Innovation Gallery Tours will provide 2019 attendees with the latest insight into Functional and Insulin packaging solutions in the Chinese market as well as the opportunity to meet exhibitors
  • The Supplier Finder System, an interactive floor plan via dedicated screen, onsite visitors will be able to discover the location of existing or future business numbers, based on the search by a company name, product name or company’s stand number
  • CPhI TV will bring live interviews from the top companies on the show floor and live content onsite to get the best out of the show.

 

SOURCE: UBM Sinoexpo

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Business and Management

Lightspeed Loyalty Designed for Independent Businesses Makes Its Debut

Betty Tűndik

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Photo Source: lightspeedhq.co.uk - Mark from Exclucity Powered by Lightspeed EPOS since 2012
Reading Time: 2 minutes

 

Lightspeed, a powerful cloud point-of-sale system for independent retailers and restaurants, today introduces Lightspeed Loyalty. With its seamless integration of Lightspeed’s existing suite of products, the new technology enables merchants to engage customers, reward repeat business and build a loyal following.

Lightspeed Loyalty gives retailers and restaurants the ability to create a dialogue so that first-time guests become regulars and existing customers become more engaged, all from a single platform that creates true brand ambassadors. Going beyond point and reward systems, Lightspeed Loyalty provides businesses with the tools to better communicate and target their customers in a personalized way.

“Retailers and restaurants have always aimed to offer customers a superior level of service, and Lightspeed Loyalty allows them to take that service to the next level,” says Dax Dasilva, Founder and CEO of Lightspeed. “We’re providing these businesses with the tools to break down barriers, thus fostering strong customer relationships, driving repeat visits and increasing revenues, no matter the season.”

Lightspeed Loyalty Key Features:

  • Rewards Program: Easily set up a customized rewards program
  • Automated Marketing: Create automated campaigns via SMS, mobile push notifications and a drag and drop email builder. Easily target customers with relevant offers based on auto-segmented customer habits and preset Smart Customer Groups
  • Customer Insights: View customer habits and interests in one place to enhance menu management or inventory selection, pricing, and promotional planning

Existing Lightspeed Loyalty users have already begun to see how these key features have positively impacted their businesses.

“Lightspeed Loyalty allows us to have our uniquely branded restaurants all under one Loyalty platform, so we can reach all our customers at the same time,” says Josh Cottingham of L&B Restaurants. “We are very excited to use this system to build and expand our customer base and satisfaction,” he adds.

To date, more than 60,000,000 points have been awarded to over 200,000 customers. With this acquisition, Lightspeed now includes a robust integrated loyalty solution geared towards apparel boutiques, pet stores, quick service establishments and fine dining restaurants, just to name a few.

 

SOURCE: Lightspeed POS Inc.

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