Future perfect - solutions for complete corporate tax compliance

The face of corporate tax compliance is changing. Businesses operating in the post-Sarbox age face increased scrutiny from regulators, and many companies are turning to technology to ensure that corporate tax returns can be completed more quickly and more accurately. Technology can also provide details of the status of corporate tax compliance obligations in all territories at the click of a mouse and the filing process can be completed well in advance of the deadlines.

There are a number of options companies can use to take control of their corporate tax compliance, which are discussed in Future Perfect - an issues led newsletter which details some of the solutions available in the market place. These include:

• Collaborating on-line: individually-tailored compliance websites can provide a secure environment for collaboration between a company and its advisers at every stage of the compliance cycle.
  
  
• Group relief planning: new electronic tools can transform a company's tax planning process by doing away with many of the manual calculations and scenario planning activities that traditionally demand extensive time and resources.
  
  
• Corporate tax filing: It will be mandatory for businesses to file on-line from March 2010. HMRC and Companies House are also working together towards implementing a joint filing facility by 2010. This should bring significant time and cost savings for businesses and Government.
  
  
• Ledger linking: technological developments in compliance services mean it is now possible to automate the flow of data directly from client ledgers into a tailored template, simplifying and streamlining the annual computation preparation process.