Challenge
Acutely aware of the importance of presenting accurate accounts and the way they affect tax computations, this client wanted to ensure its staff was equipped with the necessary tools and skills to assist the tax team. This was especially important, as any errors would be penalized by HMRC through an increasingly expensive penalty regime.
The client consisted of a group of companies with mixed levels of experience and knowledge among its staff. New employees needed to understand the impact of the accounts information they provided, and existing staff needed to fill any gaps in their knowledge.
Action
Kaplan worked with the team responsible for tax computations to understand the issues that were relevant to the group and highlight any previous problems they’d experienced. During the program, it was apparent that delegates appreciated the opportunity to pose questions relating to the more complex transactions they had experienced.
Our program looked at:
- Tax issues specific to the group
- The relationship between the accounts and the tax computation
- The importance of accurately recording information
- Making the delegates aware of the need for consistency and to flag unusual transactions for the tax team
- Making an impact
Results
Following the program, new employees reported they felt more confident about effectively performing their roles within the team. They also became aware of the need for accuracy and were subsequently able to complete much of the basic analysis required for the tax team to prepare the tax computations.
The tax team was also more confident that they would be notified of unusual items that might warrant special treatment within the tax computations.
Following the success of this course, a similar module was designed for staff members who were involved in VAT accounting, revolving around recoverability, returns, and similar administrative issue.
