Winner of the International Tax Reviews "European Tax Innovator of the Year" 2016, Innovate Tax, formally known as eBiz Answers is making a difference when it comes to Indirect tax on ERP systems.
Many businesses have dangerously underestimate the need for robust governance of their indirect tax, defaulting tax codes and even allowing staff to manually apply rates of their choice. Without question, this always leads to errors, incorrect reporting of VAT and an incrementally expensive burden upon the tax teams who end up processing unreliable data. Moreover, these inefficiencies sit badly with HMRC’s 2016 drive for governance and compliance; they are a clear handicap to achieving a Low Risk tax assessment; and, of course, SAO certification. When eBiz Answers carries out Indirect Tax reviews for their clients they find that most VAT, GST or Sales and Use Tax issues which they uncover are invisible to the business, so tax returns are naively incorrect. Andrew Bohnet explains “tax is not always recovered, of course authorities becomes concerned and, in some circumstances, fines are issued. Our tried and tested automated Indirect Tax Solutions remove these risks and we do so at a fraction of the cost of engaging the well-known accountancy organisations, and without any need to procure an external tax engine, thereby providing further savings for our clients.”