The HMRC’s change to the basis period for tax means businesses having to adjust their accounting. For British Law Firm DAC Beachcroft that put the pressure on to accelerate the time taken on its annual tax computation. Normally, it would have taken the firm 18 months. But the new rules meant having to condense that down to 5 to 6 months.
James turned to KPMG to make the difference by designing and implementing an AI-powered solution to streamline the tax computation process.
“We've now got a technology tool that probably saves us four to six weeks in the annual tax computation process,” says James.
The system takes raw files and within 10-20 seconds returns classified and analysed results, with explanations. During pilot of the solution, it returned 95% accuracy – and the project team is making updates to improve that further.
“That enables us to get our tax computations done much sooner and we can meet the filing deadline for our partners,” says James. “Other benefits are that the team can spend more time doing more interesting or complex parts of the tax computation rather than just sitting there and scrolling through lines of data. I know they've been very happy with the process.”
Watch the video for more from James on the drivers behind the search for a new solution, the collaborative development process and the impressive results achieved already.
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