HMRC completes draft of DAC6 reporting schema

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HMRC has completed a draft of its XML schema for making automated DAC6 reports. When DAC6 comes into force HMRC will allow reporting by one of two methods:

  • XML file upload – This method is expected to be available from 1 July 2020
  • Manual data entry – We do not yet have an exact date for when this method will be available but it is expected shortly after 1 July

The schema that HMRC has drafted forms the basis of the first method. It specifies how automated XML reports should be structured and details the required information. 

The schema has already been incorporated into VinciWorks’ DAC6 Reporting Tool.

Click here to download HMRC’s XML schema

The link provides three documents:

  • The schema
  • Technical User Guide
  • Data relationship diagram

The technical team at VinciWorks has reviewed the schema in depth. After comparing it to a number of existing schemas, they have determined that HMRC’s schema is similar to other EU countries.

Regulatory Agenda for June 2020 – Now available as a podcast

To help businesses keep track of updates in UK legislation and policies, VinciWorks regularly publishes a regulatory update. Since our last update in May, the government has released further guidance on getting back to work safely as and when each industry begins its efforts to get back to normal. Our regulatory agenda is now available as a podcast as well as a downloadable guide. You can listen to the latest episode here or find it on any podcast provider.

The Department for Business, Energy and Industrial Strategy (BEIS) has published back to work guidance to support businesses once an ease in lockdown measures is announced. Some service providers and businesses in the food and hospitality industries are trialing measures to return to work, such as offering delivery services. Some other measures include staggered shift patterns, regular screening protocols and the provision of personal protective equipment (PPE).

This edition of our regulatory agenda provides an overview of regulatory changes or new regulations recently passed, proposed, or on the agenda which are relevant to key compliance areas of VinciWorks’ clients in the UK. These include Acts of Parliament relating to COVID-19.

This edition of the regulatory agenda covers the following:

  • COVID-19 update – back to work guidance and government support schemes
  • EU developments
  • Bills before Parliament
  • Upcoming legislation
  • Current open consultations
  • Closed consultations
  • Key points of the Queen’s speech that are relevant to compliance

Download Regulatory Agenda

Anti-money laundering compliance – When training met relevance

VinciWorks’ new anti-money laundering training contains interactive scenarios questions and red flag assessments

When it comes to compliance training, the antidote to boredom is relevance.

Training that isn’t relevant is boring, unengaging and of limited effect. Training that resonates with the user, that feels like it was written with his or her particular industry, practice area or job role in mind, works.

Content that isn’t engaging isn’t going to stick and will ultimately waste the learner’s time. Boring content, along with a lack of interaction, severely harms the effectiveness of training. With regulators increasingly taking a deeper look at the content of training, not just completion records, training that merely ‘ticks the box’ with a one-size-fits-all approach will ultimately fail.

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New guide: COVID-19 and compliance – Getting back to work

Front cover of COVID-19 back-to-work guide

The UK government is encouraging businesses in certain industries to return to their office where possible. There are a myriad of compliance issues to consider when transitioning from home back to the office in line with government guidance.

VinciWorks has created a new guide designed to help you plan for returning to the office as and when you can. The guide will help you identify the compliance areas that should be considered. This includes health and safety, GDPR, financial crime and more.

The guide covers:

  • Health and safety when going back to work
  • Financial crime compliance and how to mitigate risks
  • GDPR
  • Social distancing
  • Good practice guidance for returning to the office

Download the guide

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How does DAC6 affect multinational businesses?

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On 25 May 2018, the Economic and Financial Affairs Council of the European Union (ECOFIN) adopted the 6th Directive on Administrative Cooperation, requiring so-called tax intermediaries to report certain cross-border arrangements that contain at least one of the categories, known as hallmarks, that are defined in the Directive. This directive is commonly known as DAC6.

DAC6 aims to clamp down on aggressive tax planning and is set to impose a huge compliance burden on taxpayers and their advisers, potentially even in circumstances where there is no tax benefit at all.

DAC6 will affect many firms including law firms, accounting firms and other tax advisers, referred to in the Directive as “intermediaries”. However, while the primary reporting onus is on professional advisers, known as “intermediaries”, a taxpayer might be required to report a DAC6 arrangement in circumstances where no intermediary is able to report. This might include situations where no external intermediary is involved, all intermediaries are based outside of the European Union, or an intermediary is exempt from reporting due to legal professional privilege. 

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On-demand webinar: Health and safety and Covid-19 — Getting back to work safely

The UK government has begun to encourage businesses in certain industries to return to work where possible. While many professional services firms and other primarily office-based businesses are still working from home, it is important to understand the steps that need to be taken as and when it is safe to return to the office.

In our short on-demand webinar, our Director of Learning and Content Nick Henderson gives guidance on how staff can keep themselves and their colleagues safe in the office.

Watch now

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DAC6 – Country-by-country guide updated to include timelines

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DAC6 guide to country-by-country implementation

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.

The guide is regularly updated as member states across the EU consider how they will implement the Directive. The latest update to the guide includes:

  • Timeline section: This new section highlights critical dates for each EU Member State including deadlines for reporting and notifications periods for intermediaries.
  • Main Benefit Test: This section has been expanded to include more details of the main benefit test and the definition of a tax advantage in each EU Member State.
  • Form of reporting: This section has been expanded and divided into separate subsections to detail the form of reporting and language of reports, together with any other important information necessary to make valid reports in each EU Member State.
  • New information based on current guidance: Many countries also have new information based on the latest guidance published in each Member State. We will continue to update this on a regular basis.

Preview the guide

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On-demand webinar: Financial crime — Mitigating risks during COVID-19

Financial crime webinar banner

Much of the world is still under lockdown, but many businesses are working hard to keep economically active during the crisis. Unfortunately, where there is financial activity, there’s also the risk of financial crime. Google has seen more than 18 million corona or COVID-19 related malware and phishing attacks per day.

In our 15-minute on-demand webinar, our Director of Learning and Content Nick Henderson takes us through the schemes scammers are deploying to exploit the pandemic. He also shares guidance on how we can protect ourselves and our businesses against these risks.

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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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What are the compliance implications of conflicts of interest?

What is a Conflict of Interest in the Workplace?

A conflict of interest in the workplace is a situation in which an employee becomes unreliable due to a clash between their personal or financial interests and their professional duties. A quick news search will reveal how prevalent and widespread such conflicts are, affecting every industry and not sparing any corner of the globe. Sometimes, conflicts may be minor and prove to be innocuous, but often, conflicts pose a serious threat that could seriously undermine an organisation’s reputation and future, and even have legal implications. Even the mere appearance of a conflict could have severely damaging consequences for organisations. Regular training and oversight to ensure staff are educated to spot and report conflicts are the keys for individual workers and organisations to maintain integrity, avoid conflicts of interest and their consequences, and remain compliant. 

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