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UK Indirect Tax Conference 2015 Automating Indirect Tax Compliance Jilly McCullagh 11 November 2015 What we will cover today Setting the scene Step 1 – Understanding the problem Step 2 - Outline current indirect tax compliance trends Step 3 – High level review of available systems to automate and produce return Step 4 – Benchmarking Step 5 – Concluding thoughts and Q/A The building blocks All accounting systems have the same fundamental parts within one system Tax dec
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  UK Indirect Tax Conference 2015 Automating Indirect Tax Compliance Jilly McCullagh11 November 2015  What we will cover today Setting the sceneStep 1  – Understanding the problem Step 2 -Outline current indirect tax compliance trends Step 3  – High level review of available systems to automate and produce returnStep 4  – Benchmarking Step 5  – Concluding thoughts and Q/A  The building blocks  All accounting systems have the same fundamental parts within one system Finance -General Ledger Receivables (AR)Payables (AP)Tax decision makingTransaction processing IntercompanySales / PurchasesIntracompanyMaster DataCustomer Material or ProductVendor Tax accountsOutputInvoicesReportingPaymentsEmployee expensesProjectsTax logicInventoryTax codes  Why they matter for indirect tax  All the parts are important for indirect tax compliance and reporting: General Ledger  The book of record  – source of VAT and statistical returnsOutput tax liability and invoice production Receivables (AR)Payables (AP) Input tax liability and invoice retention Intercompany VAT groups, domestic and cross-border inter group transactions Inventory Goods movements, classification of goods/products Projects Supply of services, contracts, continuous supplies Employee expenses Liability of expenses, categories of expense Tax codes VAT rates, countries, date ranges, recoverability Master data VRNs, entities, addresses, liability of customers/suppliers
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