The practice of tax is becoming more demanding, driven by a fast-evolving regulatory environment, cost pressures and investor scrutiny, as well as the hardening of tax authority and auditor attitudes. This new environment presents new challenges for boards, finance and tax directors, who need to be confident that the tax area is delivering the most value, whilst meeting the demands of the new world. High on this agenda is the need to assess the adequacy of year end tax reporting processes.

Our Tax Accounting services have been developed precisely to meet the demands of this new and more exacting era for tax. We are helping an increasing number of organisations to respond to the new, more challenging environment. We believe that over the next 6 – 18 months, the modern tax department will need to act on the following challenges:

• Developing modern systems to support effective reporting
• Making the best use of existing finance systems and information collection processes
• Enhancing the skills of the tax department and beyond
• Addressing the knowledge gap both in the tax department and the wider finance function caused by the evolution and convergence of UK GAAP, iGAAP and US GAAP on tax accounting
• Moving to a more substantive quarterly tax management reporting process
• Understading the historic tax accounting position to ensure quality of ongoing tax balances

We believe that companies who are not investing in their reporting cycle are storing up trouble for the future.