Thе BEPS Action 13 report (Trаnѕfеr Pricing Dосumеntаtіоn аnd Country-by-Country Reporting) provides tеmрlаtеs for multіnаtіоnаl enterprises (MNEѕ) to compile rероrts yearly аnd for еасh tаx jurіѕdісtіоn in whісh thеу dо business.

In recent years, managing tax compliance has become a complex task that consumes most of a company’s time and manpower. The evolving reporting obligations, changes in legislations and penalties for non-compliance have all undergone a transformation in these times of uncertainty.

In 2016, Financial Reporting Council (FRC) and the Charity Commission (CC) came out with a new taxonomy dedicated to charities and their financial reporting. This was done with the aim of improving the quality and accessibility of the charities’ reports in UK and Ireland.

With the economic climate being one of the most affected facets of the country’s functioning, the administrative bodies are leaving no stone unturned in easing the process of tax payments and other compliance measures for all businesses in the UK.

The COVID-19 pandemic is likely to have had a major impact on your business. Weathering this storm and navigating through its ramifications is not an easy task.

The HMRC has set up a dedicated helpline for individuals and businesses who have any questions or concerns about tax payments due to the Coronavirus.