- Efficiency Gains from Automation: According to HMRC’s research, UK companies that adopted automation for VAT compliance saved approximately 49 million hours in 2024, translating to cost savings of up to £915 million, highlighting the substantial benefits of moving away from manual processes.
- Challenges of Traditional Compliance Methods: Many finance and tax teams still rely on manual methods, leading to time-consuming tasks, higher error rates, and increased stress due to last-minute filing pressures. In-house compliance can drain resources and create bottlenecks, while outsourcing introduces dependency and coordination issues.
Source Meridian
Latest Posts in "United Kingdom"
- Post-Brexit VAT Shifts: Reverse Charge and the New Digital Landscape
- Isle of Wight NHS Trust Wins VAT Exemption Case for Locum Medical Practitioners Supply
- Tribunal Rules on VAT Exemption for Locum Medical Practitioners Supplied by Agencies
- VAT Appeal Dismissed: Nitrous Oxide in Cream Chargers Not Zero-Rated as Food
- FTT Dismisses Akhtar’s Appeal Against HMRC’s Best Judgement VAT Assessments Due to Missing Records
