ONESOURCE CORPORATE TAX
Demands around corporate tax compliance are increasingly complex in today’s changing regulatory environment.
There are growing regulatory and professional business risks for those companies who get it wrong. The revised penalty regime makes mistakes more costly with potentially higher penalties. Additionally, HMRC has adopted a more system-based approach to compliance rather than substantive review. With the enhanced focus on the tax compliance process companies need to ensure that their tax processes are robust, accurate, and reliable.
The introduction of mandatory e-filing for computations and accounts is driving process change. Existing in-house solutions such as Microsoft® Office Excel computations and Microsoft® Office Word statutory accounts must be improved or replaced. E-filing will enable Companies House and the HMRC to streamline the tax return process and increase emphasis on benchmarking and more numerical analysis of a broader range of data submitted.
Thomson Reuters can help you address all these issues with our market leading ONESOURCE Corporate Tax software.
HOW ONESOURCE CORPORATE TAX CAN HELP
- ONESOURCE Corporate Tax (formerly ABACUS) helps over 400 large multinational corporations manage the ever-changing tax compliance requirements in a range of countries. Our market-leading solution is designed by tax professionals for tax professionals, making computation preparation and review efficient and easy.
- We maintain and update the latest tax rules, which enable you to focus on your tax compliance rather than the implications of changing regulations.
- With new technology requirements for filing in effect, our software ensures that the impact to your process is minimal. Our approach is that you do the computation just as you always have, with no need for additional analysis — our software will apply tags automatically.
- Extensive features, including an audit trail and versioning, make it easy to review your returns.
- With transparent architecture, clickable cross references, cross-checking and reconciliations, the SAO is assured that computations have been prepared correctly and that the risk of penalisation has been mitigated.
ABOUT ONESOURCE CORPORATE TAX
Our comprehensive compliance solution provides the tools that you need to prepare tax computations, reports and returns for companies based in the United Kingdom, Ireland, Netherlands, Hong Kong, and New Zealand. Online filing is supported in jurisdictions where it is mandatory.
In the UK, we support trading and investment companies, oil ring-fenced trades, multi-trades, and REITs. Since our product is used by over 50 per cent of the FTSE 100 you can be confident that you won’t be alone; other people will share your requirements and we will meet those needs.
Our tax-qualified development team ensure that the software is up to date with changes in the legislation and technology - eliminating the time-consuming burden of maintaining your own models and allowing you to concentrate on other strategic activities.
ONESOURCE Corporate Tax also offers the option of a fully hosted solution to minimise any impact and cost on your in-house IT function.