Thompson Reuters the information company and British translation specialist
RWS Group have joined forces to launch a tax documents translation service,
designed to help companies avoid hefty fines from misunderstandings.
It has been designed to help multinational companies avoid incorrect tax
payments to goods sold between two legal jurisdictions, known as transfer
pricing the Daily Telegraph reported.
Companies that use the new service will be able to translate tax documents
into local languages when needed to ensure transfer pricing errors do not creep
into the paperwork.
DSG, the parent company of PC World, was earlier this year fined £52.7m by
HM Revenue & Customs over transfer pricing discrepancies.
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal
MTD cost estimates are not based on 'facts', and are 'disbelieved' by most small businesses and sole traders, says Lords committee chairman
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?