On-demand webinar: DAC6 is here — What now?

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As of 1 January 2020, all “intermediaries” involved in cross-border arrangements in an EU member state that meet certain hallmark categories are required to begin reporting those arrangements. Some businesses are fully compliant with DAC6 while others have only recently started preparing. VinciWorks has implemented DAC6 reporting systems for over 40 firms, including seven of the top ten UK firms.

During this webinar, our experts explored best practice for reporting, regardless of where you are in this challenging compliance process. We also answered attendee questions.

The webinar will cover:

  • What to do if you just found out about DAC6
  • How different countries are implementing DAC6
  • The UK’s mandatory disclosure regime
  • Best practice for reporting in multiple jurisdictions
  • Answering attendee questions

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HMRC joins VinciWorks in DAC6 webinar – Listen now

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Unexpectedly, and despite comments to the contrary, the UK has decided to implement its own MDR regime. Until this happens, DAC6 still applies in the UK for Hallmark D. Considering that the UK has been a leader in the fight against corruption and tax evasion, its version of MDR will possibly be broader and even more stringent.

It was an honour to host James Marshall of HMRC to discuss the UK’s changes to DAC6 post Brexit.

The webinar covered:

  • What changed with DAC6 in the UK?
  • How do these changes affect DAC6 reporting?
  • How will Omnitrack adapt to these changes?
  • What are the UK’s longer-term plans for MDR?
  • Answering attendee questions

A recording of the webinar is available as a podcast. You can listen to it in Apple Podcasts, Spotify etc. or directly by clicking on the button below.

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On-demand webinar: DAC6 – The non-legal perspective

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Wednesday 25 November, 12:00pm (UK)

How does DAC6 affect banks, investment houses, accounting firms, multinationals, and taxpayers?

DAC6 is a European directive aimed at reducing international tax evasion and promoting transparency. It requires any company that serves as an “intermediary” to a cross-border tax arrangement to assess that arrangement and report it to the tax authorities in some situations.

DAC6 potentially creates a significant compliance burden for companies that are party to a cross-border transaction, even if their role seems incidental. Many investment funds and banks, as well as multi-national corporations, will be exposed to liability under DAC6.

In this webinar, VinciWorks’ DAC6 experts gave guidance on what the Directive means for businesses and how businesses with and without in-house legal teams are managing the DAC6 process and reporting.

During the webinar we covered:

  • What is DAC6 and how does it apply to different industries?
  • What is a proportionate approach to DAC6?
  • Who is responsible for DAC6 reporting?
  • When should a DAC6 report be made?
  • Do you need to manage your professional advisors’ DAC6 reporting?
  • Should staff be trained on DAC6?
  • Do you need a reporting tool?

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On-demand webinar: DAC6 reporting — Your questions answered

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DAC6 has now been in force for over three months, with intermediaries and businesses in Germany already having to report historical transactions.

Over the past 18 months, VinciWorks has consulted with international law firms, accounting firms, corporate compliance teams and tax authorities to help them grapple with the Directive and develop best-practice for DAC6. Our webinars, core group meetings and face-to-face interactions have drawn questions covering main benefit tests, reporting in Germany, understanding hallmarks, how DAC6 affects non-legal sectors and several other aspects of the Directive.

During this webinar, we gave attendees the opportunity to have their questions answered by our Legal and Research Executive Ruth Mittelmann Cohen and Director of Best Practice Gary Yantin.

DAC6 Q&A – key topics covered

  • What does the DAC6 reporting delay mean?
  • How specific countries, such as Germany, Poland and the UK, are implementing DAC6
  • Updating reports after they have been submitting
  • Instances when reporting is the obligation of the taxpayer rather than the intermediary
  • Best practice for reporting in multiple jurisdictions

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VinciWorks hosts fourth DAC6 Core Group Meeting – Summary

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On Wednesday, 9 September, 2020, around 200 people joined VinciWorks for its fourth DAC6 Core Group meeting. This was a continuation of our third core group meeting held at Freshfields Bruckhaus Deringer’s London office earlier in 2020. In light of COVID-19, this fourth meeting was held virtually; however, audience participation was encouraged and this was not “just another webinar”.

VinciWorks have close relationships with various tax authorities across the EU, and we were joined at our meeting by James Marshall from HMRC, and Valérie Robbertz and Willem-Jan van Veen from the Netherlands Tax and Customs Administration (NTCA).

Below is an overview of some of the key questions that were discussed in the meeting.

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Upcoming Event – Fourth DAC6 Core Group Meeting

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Wednesday 9 September, 12:00–15:00 (BST)

DAC6 is a European directive aimed at reducing international tax evasion and promoting transparency. It requires lawyers, accountants, tax advisers, bankers and other “intermediaries” to report some aggressive cross-border tax arrangements. Multinational businesses might also be required to report transactions in circumstances where no external intermediary is able to report. These “mandatory disclosure requirements” (MDR) are for tax transactions that cross EU borders, where it seems that the primary purpose of the transaction is a tax advantage.

Over the last 18 months, VinciWorks has brought together over 100 international law and accounting firms to help firms grapple with the Directive and develop best-practice for DAC6.

We are now hosting our fourth DAC6 Core Group meeting on Wednesday, 9 September 2020, 12:00–15:00 (BST) via Zoom.

The agenda includes an open Q&A session with James Marshall, HMRC’s DAC6 policy lead, and an international panel including Willem-Jan van Veen and Valérie Robbertz from the Netherlands Tax and Customs Administration.

The virtual meeting will also include case studies from firms that have already implemented a DAC6 reporting system, and an update on reporting across EU member states.

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On-demand webinar: DAC6 reporting solution – Feature updates

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Wednesday, 29 July, 12pm UK time

In March, we hosted a live demo of our reporting solution where we covered the core features of our DAC6 reporting software. Since then, the system has evolved to help businesses solve all the challenges presented by the complex Directive. Even if you have seen a demo of the product in the past, now is the time to get up-to-date with the implementation process.

Here are just some of the updates we have made:

  • Enhanced workflow with country-by-country guidance
  • Ability to report in multiple jurisdictions
  • New graphical customisable dashboards

In this webinar, we covered the core features of our software, new features that have recently been added and give guidance on how businesses can use it to report transactions. This webinar is suitable for both those who have attended previous demos and those who are less familiar with our system.

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On-demand webinar: DAC6 for multinationals – An overview of VinciWorks’ DAC6 reporting solution

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Any company that undertakes international tax arrangements could be affected by DAC6. Reports may be made by professional advisers, known as “intermediaries”, that advise on the arrangements, but where an arrangement is organised in-house or the intermediary cannot report for another reason, the responsibility falls on the taxpayer to file their own report.

VinciWorks has been in close consultation with HMRC, other tax regulators and over 100 leading international firms to establish the implications of the EU Directive and build a reporting solution to help businesses comply.

In this webinar, we covered the core features of our software and shared guidance on how international businesses can use it to report and track transactions.

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On-demand webinar: DAC6 – What multinationals need to know

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DAC6 is a new EU tax directive designed to reduce tax avoidance through new mandatory reporting requirements. Once reporting requirements begin, any company that undertakes international tax arrangements could be affected by DAC6.

In this webinar, Director of Best Practice Gary Yantin and Legal and Research Executive Ruth Mittelmann Cohen take us through multinational taxpayers’ responsibilities with regards to reporting cross-border transactions in line with DAC6.

The webinar covers:

  • A brief introduction to DAC6 and how it affects multinationals and large businesses
  • Multinationals’ responsibilities and when they need to report
  • How to keep track of your intermediaries and their reporting
  • How VinciWorks’ DAC6 reporting solution can help multinationals stay on top of DAC6 compliance

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On-demand webinar: DAC6 – Advanced workflows in practice

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For the past year, we have researched DAC6 in-depth, consulted with HMRC, hosted meetings with over 100 law firms, collaborated with international tax experts and built a DAC6 reporting tool. The tool features workflows designed and updated for the intricacies of each EU member state’s implementation of DAC6.

In this webinar we answered some of the most common questions we receive about DAC6 workflows and how those workflows can be implemented in the DAC6 reporting tool.

These questions include:

  • How do I set up reporting deadline reminders?
  • How do I deal with multiple jurisdictions?
  • How does on-premises hosting work?
  • How do I manage XML schemas?
  • When is the 30-day reporting period triggered?
  • How to deal with multiple jurisdictions
  • How to customise forms and dashboards to suit your firm and staff

During the meeting, we demonstrated how our tool can be used to manage any workflow and solve many of the coordination and compliance challenges that DAC6 poses. You can request a recording or book a demo by clicking the button below.

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