Over a third of UK businesses take more than 20 days to submit their VAT return according to our report of over 416 tax professionals. This is just one of many examples that highlight how broken tax processes are within some companies.
With phase-2 of HMRC's MTD mandate rapidly approaching, organisations will be forced to digitally link their data to provide an audit trail. The implementation of tax technology will not only ensure companies are compliant with MTD phase-2 it can also enhance their current tax processes, making them far more streamlined.
As tax teams become increasingly reliant on IT, and vice versa, communication and collaboration are key. This, however, can come with its own difficulties. Our infographic highlights the challenges of tax and IT departments working together and also how to overcome them.