Tax Risk Assessment - Corporate

We have changed the way we assess tax risk and who should be preparing/reviewing the tax computation. There is a new reconciliation called Tax Risk Assessment - this is in the Preparation (not Planning) workflow as some of the information required may not be known at the planning phase (you may remember it being in P section in our Excel templates).

The reconciliation is used to specify:

1) who prepares and who reviews the tax computation - this is the focus of the top part of the reconciliation and aims to identify those general characteristics of a company that may require additional input. This may include being part of a group or claiming has spent significant sum on capital expenditure; and

2) whether any direct tax input should be obtained on any specific areas - this is covered by the second part of the form and relate to ,e.g. R&D or ownership of residential property.

The general format is to ask a general question as to certain specific characteristics of the company. There is then a drop down menu for Yes, No or N/A - if any question is answered Yes, then more details must be entered into the relevant text box to be used in the overall assessment.