UK Companies Struggle With Tax Accounting Complexity

Less than half (41%) of the UK's largest companies believe that their accounting systems collect adequate information to produce the tax calculations and disclosure required to meet new accounting regulations. Only 20% of company tax professionals believe that their systems adequately meet new Generally Accepted Accounting Principles (GAAP) requirements, at a time when tax disclosures are more closely scrutinised than ever by regulators, analysts, investors and tax authorities. 43% of companies fear that small errors in brought forward balances could lead to material weaknesses in their tax reporting.