Compliance and reporting services
Meeting the challenges of multi-jurisdictional tax operations
For both UK and international companies, managing tax and statutory compliance continues to be a challenge. As businesses expand operations into new markets, the complexity of managing tax risks and complying with reporting requirements multiplies.
Deloitte offers efficient, cost-effective tax compliance services, including co-sourcing and outsourcing options. In addition, a suite of integrated tax technologies can help companies achieve their goal of high quality, lower-cost compliance and have the potential to give businesses enhanced visibility of their global information.
Despite the evolving business landscape, today’s key drivers for compliance outsourcing aren’t so different – the imperatives to manage risk and reduce cost remain constant. The trends moving businesses towards shared service centres, with ever larger scale and breadth of services, are also making outsourcing an increasingly attractive option for many companies.
Our compliance and reporting solutions create confidence that tax is being handled in the best and most cost-effective way possible in your organisation. Through problem diagnosis, systems and process innovation, and a range of outsourcing options Deloitte can help you create and embed a best-practice tax function that:
Creates assurance through improved data management, ensuring data integrity and accuracy;
reduces the risk inherent in compliance and reporting processes;
Provides a more timely and transparent reporting, without excessive reliance on manual effort;
Improves overall efficiency through automation and systematisation of routine and repetitive tasks; and
Gives tax professionals the time to focus on adding value as opposed to being swamped with mundane manual tasks.
We have helped clients of all sizes and geographic locations to create a best practice compliance process model. This involves a thorough analysis of current compliance procedures, which then forms the basis for a tailored set of recommendations based on the circumstances of the organisation in question. We have the flexibility to support clients, whether they choose to pursue an in-source, co-source, or outsource model.
Our deep understanding and experience of tax compliance technology and best practice enables us to help organisations understand their current tax compliance needs. We help clients decide on the best way to meet their tax reporting requirements: in-house or outsourced or perhaps a mixture of both. We can then assist with effecting any transition or change involved.
We can add value by providing a range of additional services, such as recommendations on how to deal with evolving regulatory requirements such as US GAAP, or guiding clients on how to most effectively communicate disclosures and Effective Tax Rates to stakeholders such as the Board, investors, analysts and the media. Our aim is to grant quality assurance, transparency and overall control.
A tailored fit
As compliance and reporting is never a case of ‘one method fits all’ Deloitte offers compliance services in a way that can be matched and tailored to an organisation’s circumstances. For example:
Method 1 – Decentralised
All the work is done locally in-country. There’s no global overlay, but the service is delivered using standardised global processes and technologies.
Method 2 – Co-ordinated
There’s an important proportion of the work done locally, but it’s brought together, coordinated and managed at a single headquarter location near a client’s HQ.
Method 3 – Centralised
As well as coordination through an HQ office, delivery of the services is undertaken centrally through compliance centers supported by local office engagement teams.