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Have confidence in tax reporting

Changes to tax laws, new accounting standards and increased scrutiny of how much tax organisations are paying, means that it is more important than ever that your organisation is confident the tax numbers disclosed in your financial statements are accurate.

The increased pace of tax law changes combined with demands for efficiencies within tax functions are potentially leading to resource constraints, meaning now is the time to review your tax accounting controls and processes.

Early intervention into areas of complex tax accounting can help reduce last minute financial statement adjustments and discussion time with your auditor.

Similarly, a thorough review of deferred taxes and tax contingencies as part of a purchase price accounting exercise following a group reorganisation or acquisition can reduce uncertainty and avoid subsequent effective tax rate impacts.

GAAP changes arising from new standards, for example IFRS 9, 15 or 16, can be problematic and a huge drain on resources whilst you grapple with unfamiliar reporting requirements or determine the impact on your cash tax payments.

Developing fit for purpose and well managed tax accounting processes can help you to:

  • Reduce your tax reporting close period
  • Relieve time pressure on your finance team
  • Avoid quarter end and year end surprises in your effective tax rate
  • Produce high quality financial statements, mitigating audit issues which could lead to audit over-runs
  • Efficiently produce effective tax rate forecasts, and
  • Assess the tax reporting impact of prospective business decisions and corporate transactions.

What can you do now to help smooth your year-end reporting processes?

1. Review your resource

Have you got the right people, and enough of them, to ensure you can prepare your tax accounting numbers in time? Would you benefit from outsourcing this work? Or looking at co-sourcing arrangements?

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2. Use technology

Could simple changes to your tax reporting technology help you achieve greater efficiencies and provide better quality information? This could be part of an overall finance transformation or just looking to make improvements in this area.

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3. Optimise your tax reporting processes & develop a tax control framework

Investing in efficient and documented tax reporting processes should reduce the risk of financial statement misstatements and release resource for forward looking effective rate forecasting and planning.

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Contact us

Andrew Wiggins

Andrew Wiggins

Partner, PwC United Kingdom

Tel: +44 (0)7803 737681

Pippa Booth

Pippa Booth

Partner, PwC United Kingdom

Tel: +44 (0)7710 036796

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