The future of tax
Russell Gammon, chief product officer at Arkk Solutions, reveals his vision of the future of the tax world. The Making Tax Digital initiative has made it necessary for firms to implement digital record keeping and filing processes. However, Mr Gammon writes, the use of technology to keep records and file them has far greater benefits than compliance alone. Automation can speed up processes, taking over time-consuming copy and paste tasks and ensuring greater accuracy. Additionally, artificial intelligence has made it possible to solve specific calculations at speed, and is likely to transform other areas, including audit, which will no longer depend on sampling alone, while tax teams will be able to focus on making savings through relief claims and better forecasting.