Country by country reporting
The OECD has made a number of recommendations in its BEPS action plan 13 to increase the transparency of tax paid by large multinational groups on a worldwide basis. As a result, many jurisdictions are incorporating these recommendations into their legislation in the form of country-by-country reporting.
Large multinationals with consolidated turnover in excess of €750m, or the equivalent if they were required to consolidate, are within the scope of the country-by-country rules and will now need to prepare a full country-by-country report for submission to HMRC.
There may also be a reporting requirement for UK entities that are headquartered overseas. Submission to HMRC must be made within 12 months of the group’s year end.
Having an adviser within an international network of firms can help reduce the time burden on your business and provide tailored advice in respect of each jurisdiction in which your group operates. The volume of information that is required to be analysed and disclosed in relation to these new rules is vast and we can provide clear guidance to enable you to continue to concentrate on your business.
Meeting your needs
You’ll have direct access to highly-qualified, senior-level specialists with vast experience in international tax matters and reporting requirements for large groups. We will identify other potential tax requirements for the group such as the preparation of a tax strategy document.
We provide a personal service tailored to your precise commercial needs to help you prepare your country-by-country report. We will assist on the categorisation of accounting information and on the xml conversion. Where we identify any further needs for the business, we will present you with appropriate solutions.
You will get an in-depth, comprehensive review of your accounting and tax data for country-by -country reporting purposes. In addition, you will get access to senior staff from our diverse international network.
How we can help
Notify: We will assist the group with the UK notification requirement. This can be either advising on how to complete the notification requirement or by preparing the notification and submitting it to HMRC on behalf of the group.
Collate: We will obtain from the group all of the relevant information to be included in the report for submission to the relevant tax authority: either HMRC or the tax authorities of another jurisdiction.
Review: Where the group has prepared a full report, we will review and provide comments on whether or not any further information needs to be added to comply with the rules.
Conversion: Once the accounting information has been analysed and collated, we will assist with the conversion to xml format; the format required by HMRC.
Submission: We will submit the country-by-country report on behalf of the group to HMRC.
We have a team of highly-experienced individuals who have honed their skills and technical knowledge through exposure to a wide variety of clients and business scenarios. This track record allows us to provide accurate relevant advice to your business.
We have access to an international network of experts through our membership of Nexia International, meaning we can advise on all aspects of the country-by-country reporting obligations both on a domestic and through our network at an international level for the entirety of your global organisation.
Our partners take a keen interest in all of their clients and will work closely with you in a collaborative manner to gain an in-depth understanding of your business, ensuring our advice is right for your business objectives.