How to stay safe during extended periods out of the office
The coronavirus (COVID-19) outbreak is continuing to bring daily routine to a halt. In the UK, the number of cases continues to rise, an increasing number of people are entering self-isolation and employers are asking their staff to work from home. The unpredictable nature of the epidemic could mean you might be working out of the office for some time.
VinciWorks has released a five minute course to help staff manage working out of the office for an extended period of time.
DAC6 is a European Directive aimed at tackling tax avoidance and tax evasion, strengthening tax transparency and improving information sharing between EU member states. The Directive requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report certain aggressive cross-border arrangements. These “mandatory disclosure requirements” (MDR) mean that even arrangements without a particular tax motive may need to be reported to the tax authorities. Training is recommended in order to understand the intricacies of these hallmarks and to determine which transactions must be reported.
In order to integrate Omnitrack into other systems, a robust API is required on both ends. Data needs to be automatically inputted into Omnitrack and data should be easily exported.
In addition to exporting data to Excel, PDF and CSV, Omnitrack allows data to be exported in XML format in order to integrate with other systems.
Example: integrate DAC6 reporting with tax authorities
DAC6 requires tax lawyers, accountants and tax advisers to report certain tax arrangements to local European tax advisers. This process can be automated and streamlined with Omnitrack. In order to report a DAC6 transaction, the data must conform to the tax authority’s “schema”. Omnitrack automatically manipulates the XML file to fit each tax authority specifications.
We will soon be releasing a new course on conflicts of interest. Conflicts of Interest in the Workplace: Understand Your Influences will provide learners with a 15-minute overview of conflicts of interest in the workplace. The interactive course explains what a conflict of interest is and covers different situations where an employee might encounter a conflict of interest.
The DAC6 compliance requirements of global businesses vary from country to country . Not all EU member states have yet finalised their guidance and additional details, such as legal professional privilege and penalties vary between each state. To help firms save time and money on conducting their own research, VinciWorks has collaborated with Transfer Pricing Services to create a concise country-by-country guide to DAC6 compliance. The guide can be purchased either together with our DAC6 compliance solution or as a standalone tool.
On 31 January 2020, the UK’s membership in the EU ended, and Britain entered a transitional period that will last until 31 December 2020. To prepare for the change, there was a flurry of Brexit-related legislation passed. One central piece of legislation with a wide-ranging impact that changed is GDPR, which has been replaced in UK law with the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019. The impact of Brexit on each business will depend on its type and the locations in which they collect and process data, but there is sure to be some level of impact for everyone.
A number of our courses required minor amendments following the UK’s departure from the EU on 31 January 2020. Mainly, these changes affected our suite of data protection training, which now includes an opening paragraph making it clear that mentions of GDPR in the course refer to both the EU GDPR rules as well as UK GDPR rules, unless otherwise stated.
How you feel on any given day can be caused and influenced by so many different factors. Work is often one of the most significant of those factors. Stress is often a part of the job, and in small amounts, stress can even be a positive thing. High amounts of stress over a long period of time, however, can be very damaging to your mental and physical health, as well as your overall wellbeing.
VinciWorks has released a new mental health course, Mental Health: Wellbeing at Work. This course is designed to give users an understanding of some of the causes of stress at work, what can happen when it’s not dealt with, and how employees and employers can help reduce unnecessary stress and improve wellbeing at work.
One of the most important aspects of DAC6 compliance is making sure intermediaries report transactions within the reporting deadline. Having consulted with over 50 leading international firms and HMRC, we have updated the DAC6 portal dashboard to make it easier for administrators to stay on top of deadlines. Our customisable dashboard will allow firms to easily track when a deadline is approaching, see what’s overdue and review what has been reported.
What are the key features of the new DAC6 portal dashboard?
1. Clear overview of the status of reports
Failure to submit a report can result in a fine from HMRC. The dashboard gives a clear, customisable visual overview of the upcoming deadlines and overdue reportable transactions.