The BEPS (Base Erosion and Profit Shifting) Action Plan 13 describes the Country-by-Country Reporting (CbCR) framework and template for Multinational Enterprises (MNEs) in order to share the information with the tax authorities of all the countries in which they have their tax presence. MNEs having annual turnover more than 750 Million Euros (or equivalent in other currencies as speciﬁed by the respective countries’ tax regulators) are required to file their reports to their regulator in XML format.
MTD for VAT
HMRC has taken a major step forward in its ambition to become one of the most digitally advanced tax administrations in the world with the introduction of Making Tax Digital for VAT. Initially VAT-registered businesses with annual taxable turnover above the £85,000 VAT threshold were required to submit their VAT returns through for VAT periods starting on or after 1 April 2019. MTD is extended to smaller VAT filers for VAT periods starting on or after 1 April 2021.
The compliance deadlines for VAT registered business are:
- April 2019 for VAT registered businesses with annual taxable turnover more than £85,000
- April 2021 for other VAT registered businesses
- March 2015
HMRC announced its vision of MTD
- August 2016
HMRC lanunched consultations on MTD
- July 2017
MTD for Businesses re-introduced with new timetable for implementation
- July 2018
HMRC closed beta trial commences
- April 2019
HMRC mandated VAT registered businesses above the annual threshold (£85k) to submit in MTD route
- April 2021
HMRC may mandate for all other VAT registered businesses and for other taxes such as Corporation tax
iXBRL Tagging for CT600 Filing
Businesses in the UK are required to file their financial statements in Inline XBRL (iXBRL) format with HMRC, as per the guidelines set by the regulator. HMRC has mandated that all tax returns and financial statements need to be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011.
A CT600 refers to a company’s corporation tax return. When the ‘notice to deliver a Company Tax Return’ from HMRC is received, the company is required to file their tax returns to HMRC online. This includes a wide range of information along with the CT600 form. It is mandatory to submit the company’s computations and accounts to HMRC in iXBRL format.
Cloud Solutions for EBA, ESMA and EIOPA
Listed companies, Investment firms, Banks, Insurance and Reinsurance companies in the European Union have to submit regulatory reports as mandated by directives of ESMA, EIOPA and EBA. DataTracks provides solutions to help comply with the requirements of various local and apex regulators across the EU.
" Fantastic Company "
DataTracks is extremely efficient and provides top level customer service. The company I work for have been using them for a while now and have never been let down. The website is clear to navigate and easy to use. If I ever have any questions or queries I contact their customer service department and am always met by incredibly helpful and knowledgeable staff.
" Quality and timely delivery of service at affordable cost "
We have been engaging DataTracks for our group's XBRL file preparation for the past 4 years. DataTracks offers quality and timely services without fail. Its automated programming software reduces human error and produces quality work. DataTracks improved its services based on our feedback given after yearly review. DataTracks managed to solve our issues raised and we are pretty satisfied of the improvement done.
" DataTracks a service of excellence "
DataTracks have proven to be professional and timely in the delivery of its solution. Our company chose DataTracks to fully automate its COREP Appendix 2C returns. Within the set project timelines the returns were fully automated with minimal manual intervention where required to populate. The main and most important benefit is that more time can now be allocated to review and reconcile the results rather than compile the returns.
" Excellent customer service "
As a small business and not being very computer literate, I have found DataTracks very supportive and helpful and delivered on time as agreed at the time of submission. Your staff are to be congratulated.
" Supportive Account Managers "
I have encountered very helpful and enthusiastic staff members. They have all been brilliant in assisting with Making Tax Digital for VAT. I look forward to working with the team in many more years to come!