Throughout the year there are key dates that affect businesses. If you miss a deadline, it can be expensive.
Missing deadlines can have serious consequences: from financial penalties to damaged reputations, the repercussions can be far-reaching.
It’s not just disappointed customers: late tax payments can result in hefty fines and interest charges, so it’s crucial to stay on top of tax deadlines, such as VAT returns and corporation tax filings.
Business owners need to be aware of, and plan proactively for, key dates throughout the year. This includes budgeting for upcoming tax payments or having a plan in place to secure additional funding if necessary. By anticipating these financial obligations, businesses can mitigate risks and maintain a healthy cash flow.
Tax deadlines
Sole traders
Sole traders pay income tax and National insurance in two stages:
31 January 2025 – balance of any tax for year 2023/24 is due
31 January 2025 - first payment on account of tax for year 2024/25 is due
31 July 2025 – second payment on account of tax for 2024/25 is due
31 January 2026 – balance of any tax for year 2024/25 is due
31 January 2026 – first payment on account of tax for year 2025/26 is due
Self Assessments
Self-assessment tax returns must be filed by:
31 October 2025 following the end of the tax year (paper returns)
31 January 2026 following the end of the tax year (online returns)
Limited Companies
The payment deadline for Corporation Tax depends on your accounting period end date. Typically, you’ll have 9 months and 1 day after your accounting period ends to pay your corporation tax bill.
Return Filing Deadline: This is usually 12 months after your accounting period ends.
VAT
Quarterly VAT Returns: If you’re VAT-registered, you’ll need to submit quarterly VAT returns and pay any VAT due. The exact deadlines for these will depend on your VAT return period.
Annual VAT Return: Some businesses may need to submit an annual VAT return.
Other Important Dates
Confirmation Statement Filing: You’ll need to file a confirmation statement annually. The specific deadline will depend on your company’s incorporation date.
Company Accounts Filing: The deadline for filing your company’s annual accounts will depend on your company’s accounting period end date.
Statutory rate increases to note for employers:
National Minimum Wage rate increase will come into force from 1 April 2025:
For workers aged 21 or over, NMW increases from £11.44/hour to £12.21/hour
For workers aged 18-21, NMW increases from £8.60/hour to £10.00/hour
For workers under 18, NMW increases from £6.40/hour to £7.55/hour
The apprentice rate increases from £6.40/hour to £7.55/hour
Payroll deadlines
If you have employees, you’ll need to know the following payroll reporting and payment deadlines:
6 April 2025: Update employee payroll records for the new tax year
19 April 2025: Submit your final Full Payment Summary and Employer payment summary for the year ended 5 April 2023 and pay any tax/NIC due for the year.
31 May 2025: Give a P60 to all employees on your payroll who are working for you on the last day of the tax year
6 July 2025: Reporting of employee expenses and benefits
19 July 2025: Payment of Class 1A NICs by post, 22 July 2025 if paid electronically
Disclaimer: all information correct at time of writing, 11 December 2024. Swoop does not give financial advice and recommends you confirm due dates and deadlines with independent financial advisors.
Folks who pick Arsenal for their betting experience can have fun while making some cash. The secret to winning bets is to use past game analysis to make the best choices.
Bettors can boost their odds of success by looking at Arsenal’s matchups and how they play in different stadiums, along with their previous results and current team status. This betting guide looks at the games and stats history because these factors help you to pick good bets for Arsenal at Betway.
Understand Arsenal’s Playing Style
Betting on Arsenal requires understanding their playing style. The team shines at keeping the ball through quick passes to make fast moves between defense and attack on both wings. The Gunners struggle when opposing defenders sit deep.
Recent games show the team using this approach, so we need to look at their latest results. You might spot some trends as you do this. Does Arsenal often beat weaker teams? Have they won tough physical matches against their rivals? Spotting data patterns helps you gain deeper insights into the team’s plans for upcoming games.
Analyse Arsenal’s Home And Away Performance
Pro teams compete at their own stadiums and also play games at their rivals’ fields. Arsenal tends to do well at home at the Emirates Stadium by running the game and creating chances to score. Facing tough opponents brings big challenges in away games.
Look at how the Gunners played in similar matches before. Arsenal have a better shot at winning home games against weaker teams. When away teams use defensive tactics, it makes it harder for Arsenal to get goals. Bet on games based on studies that back home or away results using the Betway app download apk, which will help you win in the end.
Consider Head-To-Head Records
You can spot key patterns by thinking back to earlier group meetings. In regular seasons, Mikel Areta’s side faces many teams that possess the capability to beat them, while some other clubs have a hard time against the team.
Right now, every Arsenal fan should look at past results to see how well the team is doing. Past games where the North London side won show that they might keep winning in the future. You should think again about your guess for Arsenal if one team keeps beating them in games.
Pay Attention To Injuries And Suspensions
The absence of top players can totally alter the performance of Arsenal. If their key striker is injured, they may not score. If their top defender is suspended, they will begin conceding more goals. Always read the team’s news before betting. Even a single missing player can alter the outcome of the match.
Winning Arsenal Bets Comes Down To Knowledge and Strategy
Winning bets on Arsenal through Betway isn’t just about random guesses. It takes smarts and patience. Smart betting means looking into how teams play and checking their past games and current performance. To win at betting, you need to keep your feelings out of it.
When things get tough, stick to stats and betting numbers. This info helps you spot patterns for better final calls. Mixing know-how with a good grasp of things ups your chances of success.
The Economic Crime and Corporate Transparency Act (2023) will bring about some of the most substantial changes to company law since 1844. Its main goal is to make business practices more transparent and tackle financial crime more effectively. Â
So, what does this mean for small and large businesses? Letâs break down the key points and what you need to know to stay ahead. Â
A Stronger Role for Companies House Â
Companies House has always played a key role in maintaining company records, but the new legislation gives it far more power. In the past, it acted more as a passive record-keeper, checking that documents were filed and available to the public. Now, itâs shifting to a much more proactive role. Companies House will actively make sure that the information it holds is accurate, trustworthy, and up to date. It will also have the power to prevent companies from being used for unlawful activities such as money laundering and fraud.  Â
Key Changes for Businesses Â
The new Act presents some of the following important changes that will affect the operation of businesses in the UK. Hereâs a closer look at what you need to know:Â Â
Identity VerificationÂ
One of the biggest changes is that company directors, people with significant control (PSCs), and anyone submitting filings on behalf of a company will now have to verify their identity. This means no more anonymous registrations. If youâre involved in running or managing a business, youâll need to prove who you are. Itâs a straightforward step but an important one, helping to make the system more accountable and transparent for everyone. Â
Increased Data Sharing and Enforcement PowersÂ
Companies House will also be able to improve investigation by sharing information with law enforcement agencies. If something looks suspicious in a companyâs filing, it can be flagged, questioned, and even rejected. This added scrutiny is crucial for preventing companies from being used for illegal activities like fraud or money laundering. Â
Changes for Limited Partnerships (LPs)Â
By spring 2026, limited partnerships (LPs) will also be subject to new transparency rules. In the past, LPs have sometimes been used to conceal ownership or shady activities. Under the new regulations, LPs will need to be more upfront about who owns and manages them. This shift will align them with other types of businesses, ensuring a consistent level of transparency and accountability. Â
Timeline for the Changes Â
These changes arenât happening overnight. The government is phasing them in over the next few years, giving businesses time to adapt. Hereâs a brief overview of when you can expect the key reforms to come into play:Â Â
March 2024: Companies House began using its new powers to query filings and remove suspicious or incorrect information.Â
Spring 2025: The first wave of identity verification starts, initially focusing on Trust and Company Service Providers (TCSPs).Â
Autumn 2025: Identity verification becomes mandatory for new company incorporations, with a 12-month window for existing companies to comply.Â
Spring 2026: Further reforms, including changes for limited partnerships, will come into effect.Â
 You can visit the  Companies House for more information.Â
What Should You Do to Prepare? Â
For most businesses, these changes wonât cause too much disruption, provided you follow the rules. The main thing to focus on is ensuring your companyâs information is accurate and up to date and that all directors and PSCs verify their identities. Â
It is a good idea to start reviewing your filings now instead of waiting until the last minute. If companies ignore these changes or donât follow the new rules, they could face penalties. On the bright side, adopting these changes early shows you are serious about transparency and good governance, which will help boost your reputation with clients and investors.Â
iXBRL Tagging
If you are looking for support with converting your financial statements into iXBRL, the team at DataTracks is here to help. You can contact them at +44 (0) 203 608 8035 or via email at [email protected].
As an accountant or bookkeeper, you’re often the first person a business owner turns to when the numbers stop adding up—or when they’re dreaming about growth. You see the story behind the statements. But are you also helping them write their next chapter?
One crucial piece often missing from advisory conversations is funding—whether that’s accessing a loan, applying for a grant, or finding a way to smooth out cash flow. Not talking about it doesn’t make the need go away. In fact, avoiding the funding conversation can lead clients down risky paths, including lending products like merchant cash advances, which can damage their financial health long-term.
I know this firsthand.
From bookkeeping deadlines to funding solutions
Before joining Swoop, I led a cloud-based bookkeeping and payroll firm. We cared deeply about helping our clients succeed—but when a question about funding or grants came up, our answer wasn’t much more than some links that we found on Google and the phone book.
Not because we didn’t want to help. We just didn’t have the time or the tools.
I remember the awkwardness of handing over a few contacts or a government website link, hoping the client would follow through and magically find what they needed. But most didn’t. The process was confusing and required the business owner to invest additional time that they didn’t have for an unclear outcome. And for us as a firm, staying on top of the ever-changing funding landscape while juggling client deadlines and deliverables, meant investing time that we didn’t have.
That’s why I joined Swoop—a platform that acts as a commercial marketplace for funding. With one application journey, advisors and their clients can access a wide range of funding options—grants, loans, equity, and savings products—backed by a team who helps guide the process. It finally felt like the tool we always needed.
Why it matters now more than ever
We’re in a business environment where agility matters. Many of your clients are facing increased costs, hiring challenges, and shifting demand. Others are looking to expand, digitise, or acquire. And all of them want to avoid surprises when it comes to cash flow.
Yet too often, funding is a reactive conversation—something that only comes up when a client is already in a tough spot. By making it proactive, you give clients the opportunity to explore options thoughtfully, rather than hastily.
Here are some simple, open-ended questions you can weave into your advisory check-ins:
“Do you foresee any big purchases or growth plans in the next 6–12 months?”
“How are you currently managing cash flow during slower periods?”
“Have you explored funding options for your business before?”
“Are you aware of any grants or incentives that may apply to your industry?”
“If we could help you access better financing, would you be interested in exploring what’s out there?”
These questions aren’t just helpful—they’re empowering. They position you not only as a financial steward but as a growth partner.
The risk of saying nothing
Here’s the tough truth: if you don’t talk about funding with your clients, someone else will. And that someone might be offering products that are more harmful than helpful.
Many business owners end up accepting high-cost, short-term financing like merchant cash advances (MCAs) out of desperation. These products often come with high fees, daily repayment schedules, and little flexibility—something your client may not understand until it’s too late. By helping them assess funding before it’s urgent, you can guide them toward sustainable, strategic options.
You don’t have to be the expert
You might be thinking, “This sounds great, but I don’t have time to become a funding expert.”
The good news? You don’t have to. With tools like Swoop, you can act as a connector—helping your clients access an ecosystem of vetted options without taking on the legwork yourself.
Just like we lean on tech to simplify bookkeeping, we can now do the same for funding.
Ready to add funding to the conversation?
If you’re curious about how this fits into your firm’s workflow—or how to start introducing these conversations—let’s talk. Adding funding to your advisory toolkit doesn’t require an overhaul. Just a shift in perspective, and the right partner.
Let’s help your clients fund their futures—with more confidence and fewer risks.
To find out how to embed funding advisory into your firm, click here to book a callback.
Arsenal and Newcastle United will meet for their second Premier League tie between the two sides this season on match day 37 at the Emirates Stadium. The Gunners have been decent this season and are set to finish in the top two for the third consecutive season. On the other hand, the Magpies, who have reached great heights under Eddie Howe, are also closing in on a Champions League return.
At the time of writing, Arsenal are second on the Premier League table with 67 points, while Newcastle United have 63 points from 35 games and are placed 4th on the log. Mikel Arteta’s side are strong at home, and they will be keen to keep that form going against one of the sides they have beaten at home in four of the past five previous meetings.
Image Obtained via Arsenal.com
The Gunners had a title challenge in the previous campaigns before falling at the final hurdle to Manchester City. After those strong seasons, they have settled in as one of the title contenders for the Premier League, and many tipped them to challenge the Cityzens for the crown once again.
The North Londoners started the 2024-25 season quite poorly, but they did well to recover and stay in competitive mode until injuries struck again. The Gunners had multiple draws in their opening five games of the current campaign. A couple of wins against Leicester City and Southampton eased the tensions a bit.
However, a defeat at Bournemouth and a disappointing home draw against Liverpool made people question Mikel Arteta and his boys’ title credentials. It was mixed results from that moment on, especially in the Premier League. Arsenal lost again at Newcastle before a 1-0 defeat to Inter Milan in the UEFA Champions League.
The North London side ended the year unbeaten with wins over the likes of Monaco, Manchester United, Sporting Lisbon, Crystal Palace, and Nottingham Forest. In the Premier League, Arsenal may not have lost since February, but they have played five draws since then.
Arsenal did well in the Champions League to reach the Round of 16 by finishing in the top 8. They breezed past PSV in that round before a mouthwatering clash with defending champions Real Madrid. The Gunners, inspired by Declan Rice, thumped Real Madrid 5-1 on aggregate to reach the final four.
Image Obtained via Arsenal.com
The Gunners were pitted against Paris Saint-Germain in the Champions League semifinal. They failed to overcome PSG as the French giants beat the English side 3-1 on aggregate to secure a place in the final. Arsenal lost to Manchester United in the FA Cup, while Newcastle United dumped them out of the League Cup in the semifinal stage.
Following another disappointing performance against Bournemouth in the Premier League last weekend, Arteta said:
“Again, our preparation has been exactly the same or even more. I’m trying to put more emphasis into it. The margins are very small. It’s true that maybe we lacked, I don’t know, maybe a little bit of freshness and the way they have to repeat today, they had to play some players that probably weren’t in the best condition to play because we don’t have other players. But that’s it. That’s the context of it.”
On the frustrations of not winning in the Premier League, Arteta said:
“Yeah, every time you don’t win a game, especially when you lose, you are very frustrated. And as I said before, that raise, that frustration, that anger, and that bad feeling that we have in the tummy, make sure that we use it to have a big performance on Wednesday and be in the final.”
On the other hand, Newcastle United had a mixed start to the first half of the season. They struggled to build on an impressive 2022/23 season as they failed to qualify for Europe in the 2023/24 season after finishing seventh on the table, which was just a place outside qualification.
Their major signing in the summer was left-back Lewis Hall, who joined from Chelsea. The Magpies failed to sign their primary transfer target of the summer, failing to agree on a fee with Crystal Palace for defender Marc Guehi. They, however, tied winger Anthony Gordon to a new deal and prevented him from joining Liverpool, and were also able to retain Sweden international Alexander Isak amidst interest from Premier League rivals.
The Toons’ first match of the season ended in a lone-goal victory over newly-promoted Southampton as a Joelinton first-half strike was enough to secure all three points. They continued their brilliant start to the season as they won three of their opening four matches before falling to defeat to Fulham.
Newcastle’s most recent outing was a comfortable 1-1 draw at Brighton. They knocked out Manchester City and Arsenal (semis) to win the 2025 League Cup against Liverpool at Wembley. Dan Burn and Isak gave the Magpies a two-goal lead before Federico Chiesa came off the bench to score a consolation goal for the Reds. Currently, the Toons have won five of their past seven Premier League games.
Image Obtained via Reuters
Eddie Howe’s side have won the past three meetings between the two clubs in all competitions, but the North London side have an impressive record against them in the Premier League. The Gunners have won ten of the past 11 PL fixtures at the Emirates.
Arsenal vs Newcastle United has brought some fireworks in recent meetings. Considering the desire of both teams to play in the Champions League next term, this particular fixture should be able to deliver the goods in terms of entertainment and performance.
Match Tickets
This match at The Emirates in London kicks off on Sunday, 18th March 2025, at 16:30 GMT. The 60,704-capacity stadium is the place for this clash between the North London side and the Magpies.
Getting Arsenal v Newcastle United tickets could take a lot of work given the standard of this game. Hence, you are advised to search ticket reselling sites should they be expectedly sold out on each club’s channels.
Team News And Line-ups
For the home side, Mikel Arteta has some players out injured, but should still be able to have some of his best players available for this one. However, they are without the likes of Gabriel Jesus, Gabriel Magalhaes, Takehiro Tomiyasu, Riccardo Calafiori, and Kai Havertz due to various injuries.
Arsenal Possible XI:Raya, Kiwior, Saliba, Timber, Lewis-Skelly, Partey, Rice, Odegaard, Saka, Merino, Martinelli
Jamaal Lascelles is one of the long-term absentees, while Lewis Hall is nursing a little problem, and Joelinton’s season is potentially over after he travelled to Brazil for specialist treatment. Meanwhile, defender Sven Botman is fit and available again.
Newcastle United Possible XI: Pope, Trippier, Livramento, Schär, Burn, Bruno Guimarães, Willock, Tonali, Murphy, Barnes, Isak.
Prediction
Arsenal have set high standards for themselves in the past couple of seasons, but they have slowed down in recent weeks and will need a fine performance to impress the fans as another Premier League campaign ends without them winning the title. It is a big game because of its significance, so getting your Arsenal tickets early is important.
On the other hand, Newcastle United have grown in confidence when facing Arsenal. Boosted by their current three-match winning streak against Mikel Arteta’s men, they have nothing to fear. It is not going to be easy, but the Gunners should win based on their home form in the head-to-head.
Tax season can be stressful with various deadlines to remember. Missing any could result in penalties, so hereâs a simple guide to key UK tax deadlines:
Â
Registering for Self Assessment: 5th October
If youâre filing a self-assessment tax return for the first time, register with HMRC by 5th October. This is required if you’re self-employed or have extra income like rental or savings interest.
Newly Self-Employed: Register online and get your Unique Taxpayer Reference (UTR).
Returning Self-Employed: Update your details with HMRC using a CWF1 form.
Additional Income: If you earn extra income but arenât self-employed, fill out the form to register.
Registering on time ensures youâre ready to file your tax return.
Â
 Start of the New Tax Year: 6th April
The UK tax year begins on 6th April, often bringing new tax codes and allowance updates.
Personal Allowance: The amount you can earn before paying tax is £12,570 for 2024/25.
New Tax Codes: Check for any changes to avoid paying too much or too little tax.
Being aware of these changes helps prevent surprises later.
Â
Payment on Account: 31st July
If you’re required to make payments on account, the deadline is 31st July. This is an advance payment toward next yearâs tax bill based on what you owed last year.
Payment on Account: Spread out your tax payments to avoid a big bill in January.
Payment Methods: You can pay online, by BACS transfer, or by cheque.
Staying on top of this mid-year payment makes tax season easier.
Â
Paper Filing Deadline: 31st October
If you’re filing a paper return, the deadline is 31st October. Though many prefer to file online, paper returns are still allowed.
Going Digital: HMRC is encouraging online filing, which is faster and easier.
Missed the Deadline? File online by 31st January instead.
Â
Final Deadline for Online Submissions: 31st January
31st January is the final day to file your online self-assessment and pay any due taxes. Missing this deadline could lead to penalties.
Payment on Account: You may also need to make your first payment on account for the next year.
Why File Early? Early submission gives you time to fix any issues and ensures youâre set for the next year.
For more information, visit the official HMRC website.
Â
How DataTracks Can Help
Need assistance with iXBRL compliance for HMRC CT600 filings? Our experts can help ensure you’re always in compliance. Contact us at +44 (0) 203 608 8035 or email [email protected].
Swoop requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
*UK and India agree trade deal after three years of talksIn short, this trade deal is a game-changer for UK SMEs. Is now is the time to explore the potential of the Indian market for your business? The UK and India are building a stronger economic partnership – so make sure you have the funding in place to make your mark in this exciting and dynamic new market. Register with Swoop to get started.
The playing style of the Arsenal football club has evolved greatly over the years. From George Graham’s defensive and rigid approach to Arsene Wenger’s more creative style. Mikel Arteta has taken this further, making their style even more enigmatic.
But how does this translate into the betting markets, especially if you prefer over/under goal bets? Well, that’s what we’ll be discussing in this article. So if you are a soccer bet fanatic, stick around to gather a few tips here and there. So without any further ado, let’s dive straight into it.
Tactical Approach
Before diving straight into the dynamics, you have to understand that betting odds reflect goal anticipation and tactical approaches for a particular game. The Arsenal side under Mikel Arteta focuses on positional discipline and a high-pressing playing style.
You’ve seen this several times this season including in their recent fixture against Real Madrid in the Champions League. Playing like this gives them chances to dominate possession. Moreover, their quick inter-passing helps them create chances, especially with a roster of players like Gabriel Martinelli, Bukayo Saka, and Martin Odegaard, who can easily appear on the score sheet.
Image Obtained via 90Min
Historical Pattern
Any time you want to place a soccer bet on a platform like Betway, it is important you review the historical analysis of the teams. Take for example, the Premier League fixture between Arsenal and Crystal Palace last month, which ended in a 2-2 draw.
In 3 out of 5 preceding games, the Gunners had scored over 2.5 goals. Crystal Palace, on the other hand, had won or drawn 3 out of their last 5 fixtures. This means that you can almost anticipate a certain number of goals in the game. Sites like Betway will give you stats to better influence your betting decisions.
Player Availability
What’s even more important than the playing style is the player’s availability. Injuries can be very detrimental to the team, and we saw this at the Emirates, when their captain, Martin Odegaard, was out.
Bukayo Saka, who only returned from the sidelines recently, also ensured his presence was felt when he found the back of the net against Real Madrid. With certain players in form, then the chances of that goal tally rising or remaining still are always left for speculation.
Home Advantage
This one was slowly beginning to erode with teams like Manchester United that used to dominate teams at Old Trafford let wins slip. Arsenal, however, boasts of an impressive home record this season with 10 wins, 6 draws, and only 2 losses.
Teams visiting the Emirates can be sure to face a trying 90+ minutes. If you thought that they only do well at home, their domination of Ipswich Town last month that ended in a 4-0 proves you otherwise. The Gunners’ form just puts them in a different class this season, making them the perfect choice for you when you hop on Betway.
Final Thoughts
Arsenal are currently one of the biggest contenders for the prestigious UCL tournament and the runners-up in the Premier League. Their free-flowing football style makes them quite the threat. With players like Saka and Martinelli, they can easily create chances, making over/under bets quite a favorable option.
The OECD/G20 BEPS 2.0 Pillar Two initiative is rewriting the rules for global tax compliance. If your company earns more than â¬750 million in annual revenue, youâll soon need to comply with the new 15% global minimum tax rate. It is a game-changer for businesses with a global footprint.
Countries like Japan, South Korea, Australia, and New Zealand have already introduced Pillar Two rules and others like Singapore and Hong Kong are catching up.
How will this impact your business? How can you adapt without disrupting your day-to-day operations? Read on!
What BEPS 2.0 Pillar Two Means for Your Business
Pillar Two ensures that large companies pay a fair share of taxes, regardless of location. For companies that fall within its scope, this means filing a detailed GloBE Information Return (GIR). This isnât like the existing Country-by-Country Reporting (CbCR)âitâs much more demanding. With over 200 data points required, itâs no small task.
While the safe harbor rules offer a temporary reprieve, full compliance is on the horizon. The clock is ticking, and the time to act is now!
Safe Harbor Rules: A Helping Hand
The transitional safe harbor rules offer some breathing space. They let businesses use their existing CbCR processes to meet early compliance requirements.
One cannot, however, become complacent because this support is not permanent. Melvin Song, Head of Group Tax at CapitaLand Investment Limited, cautions: âSafe harbor rules buy time, but youâll need that time to build the systems, processes, and strategies to handle the real challenges of Pillar Two compliance.â
Why Technology Is Your Best Ally
Letâs face it – trying to manage it all manually is just not viable. The sheer volume of data and complexity involved in this exercise, make automation a non-negotiable need rather than a needless luxury.
The key to simplifying Pillar Two compliance lies in building an integrated IT solution. Your systems for Finance, Accounting, and Tax Reporting need to work together seamlessly. It is not just a tax problem but a company-wide effort. Teams from Finance, IT, Legal, and even HR need to collaborate to make it happen.
A Simple Plan to Tackle BEPS 2.0 Compliance
Preparing for Pillar Two compliance might seem overwhelming. Letâs break down the process into clear steps to make it easier:
1. Discovery Phase:
Begin by figuring out where your data is, whatâs missing, and whoâs responsible for the lacuna. This involves engaging teams from across your organisation to ensure all bases are covered.
2. Design Phase:
Plan how your compliance system will operate. Can you adapt what you already have, or do you need anything new? Decide whether to tackle this in-house or seek outside assistance.
3. Implementation Phase:
Roll out your solution, test it, and train your team to use it. This process takes time, and most businesses take 6â9 months. So, donât wait to get started!
Why XML Matters for Pillar Two and CbCR Compliance
XML plays a crucial role in simplifying compliance for both CbCR and Pillar Two filings. Its flexibility and ability to handle complicated data structures make it ideal for automating the reporting process. XML allows businesses to combine data from several systems, verify accuracy, and reduce manual errors. This streamlined technique is especially useful for managing Pillar Twoâs complex data requirements.
Finding Opportunity in Compliance
Complying with BEPS 2.0 Pillar Two can be tough, but it is also a chance to enhance your companyâs operations. The data gathered for compliance can serve multiple purposes, like
improving governance, supporting sustainability reporting, and aiding in strategic decision-making.
As tax compliance gets traction in the C-suite, your tax team gets the opportunity to demonstrate its value and play a more active role in driving your companyâs strategy.
The Time to Act Is Now
Preparing for BEPS 2.0 Pillar Two isnât just about ticking boxesâitâs about future-proofing your business. Using the right technology, creating a clear plan, and working closely with your teams can turn compliance into an opportunity to stay ahead.
Donât wait for deadlines to loom. Start preparing now to handle these changes with confidence. Follow the DataTracks blog for the latest updates and insights to stay one step ahead.