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.
Under DAC6, special entities, known as intermediaries, must log certain cross-border transactions that may have a tax implication and where necessary report these to local tax authorities. They should therefore start registering and keeping track of all cross-border transactions. VinciWorks has consulted with 50 leading international firms, as well as HMRC, to build a best-practice DAC6 reporting solution. The portal allows intermediaries to record all cross-border transactions while guiding them on which transactions require reporting.
Keeping track of all DAC6 reports
When it comes to DAC6 reporting, how do you make sure matters are not falling through the cracks? At matter intake, partners are unlikely to have all the details of the transaction and there needs to be a way to trigger the DAC6 review at a later time. To solve the problem, we have added a new feature that allows administrators to build flexible reminders that will trigger emails to the relevant parties when a submission needs to be reviewed or has an upcoming reporting deadline.
VinciWorks continues to develop its Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.
What is the Omnitrack form builder?
Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into graphical charts that are updated in real-time.
Conditional logic – How have we improved the form builder?
Conditional logic allows administrators to easily ensure only the most relevant questions appear each time a form is being completed. For example, when completing a form for DAC6 reporting, a transaction that doesn’t involve a cross-border element between EU countries will result in considerably fewer questions in a form than a transaction that does.
Omnitrack is a centralised reporting and tracking tool that replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. It allows anyone to identify a risk, complete staff surveys or carry out reporting requirements. Compliance managers can then easily track and analyse incoming data. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.
VinciWorks has made several updates to the Omnitrack form builder to make using our data collecting and reporting tool even easier and more efficient.
What is the Omnitrack form builder?
Rather than spending hours creating and sending out long and tedious Microsoft Excel, Word or PDF forms, the Omnitrack form builder allows administrators to easily build forms with conditional logic. All the data collected from the forms can easily be aggregated into charts that are updated in real-time.
The main advantages of using our form builder to create questionnaires and surveys as opposed to Excel or similar systems are:
Choose from a host of form templates that can easily be customised
Use conditional logic to build a dynamic form that contains only the questions relevant to each individual completing the form
Easily duplicate forms and edit them so you don’t have to start from scratch
Seamless collaboration between admins so that all collected data appears in one central portal
Capture all edits to the form in our “audit trail” so you can revert back to a previous version of the form
All data collected stays in one central location and is updated in real-time. This means that all reports will always be up-to-date
We regularly carry out updates to our reporting tool, Omnitrack, to make it easier for administrators to build forms, collect data and analyse that data. One of our biggest developments to date is the addition of a library of best-practice templates covering GDPR, DAC6, health and safety, whistleblowing and more.
What is Omnitrack?
Omnitrack is a reporting and tracking tool that helps businesses shape their culture to encourage all employees to engage in the risk management process. It allows anyone to identify a risk, with high priority issues escalated to the risk management team. Omnitrack replaces traditional, yet outdated data management processes such as emails, spreadsheets and long PDF and Word forms. Collecting and storing data relating to all areas of compliance in a central portal adds structure, efficiency and transparency to the compliance process.
On 25 May 2018, the Economic and Financial Affairs Council of the European Union (ECOFIN) adopted Council Directive (EU) 2018/822, also known as the 6th Directive on Administrative Cooperation (DAC6), requiring tax intermediaries to report certain cross-border arrangements that contain at least one of the hallmarks defined in the Directive. The aims of DAC6 is to tackle tax evasion and avoidance, strengthen tax transparency and improve information sharing between EU Member States.
Count how many times you said the word “tax” this week. Easy? How about every time this month? Harder? All right, what about every time you said the word “tax” to a client in the last 18 months? Still confident about the number?
Now, think about every time that could have been construed as advice. What about doing transactions with other countries or thinking about tax planning measures? All of these instances might need to not only be remembered, but also recorded and reported to the national tax authority.