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About In House Tax

About In House Tax

This weblog is a news and views site for tax professionals within the UK and international in-house tax community.  You will find information about appointments and people moves in and around the in-house tax market, issues affecting the in-house tax professional, opinions on the state of the tax job market, updates on tax technology, and other general thoughts of the day.

Hope you find it useful.

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Location: St Albans, United Kingdom

This site has been developed by Simon Godley, who also runs the niche tax recruitment company Talentpool Selection . Simon spends a lot of his time placing tax specialists into FTSE companies, large in-bound groups and some professional services organisations. He also recruits and is well networked around the UK tax technology and VAT markets.

Tax News

Tax technology gathers pace.........by Simon Godley

Friday, 31 August 2007

As IT innovation keeps developing, we find that computer technology becomes a more integral part of the tax process. In fact, it seems that companies are gradually adjusting to having most of the tax compliance process highly automated, with bespoke ERP systems collecting the relevant tax numbers from financial accounts, and throwing them into a tax return. For large multinationals with complex business operations, the use of tax systems can remove large chunks of man-hours from the year-end compliance work. This effect is also now feeding into the VAT / indirect tax arena, where a small number of tech-savvy VAT specialists are developing products to automate the VAT process for large business.

Whilst in the long run this could be bad news for tax accountants as their work load decreases, Talentpool is currently finding an increasing demand for tax professionals to actually switch into the area of tax technology.

The current tax technology market is broadly serviced by 2 types of organisation. There are teams in the Big 4 firms that advise multinationals on their tax technology requirements. Then we have the software houses that design, develop and market tax software products. There is now a large array of products to choose from for each area of tax, including specialist areas such as property taxes and transfer pricing. Some of the Big 4 firms have also developed their own tax software products, which they market to clients, and hence compete against the software houses.

I think it is only a matter of time before industry, particularly amongst the large top end FTSE 100 type companies, also bring in-house this tax technology know-how and expertise.

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posted by Simon Godley

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