News
GROUP RELIEF COMPLIANCE
Ensuring compliance with the Group Relief Compliance Checker
Simply copy and paste a group relief matrix or input a list of claims and surrenders, and the tool performs three comprehensive checks to validate compliance with the rules.
ANOMALY DETECTION
Improving accuracy with the Anomaly Detection tool
Managing tax data can be challenging, especially when inconsistencies and errors go unnoticed. To address this, Phoenix TP has developed an Anomaly Detection Tool, designed to identify potential discrepancies in corporate tax data quickly and effectively.
By identifying these issues early, the Anomaly Detection Tool reduces the risk of rework, enhances compliance, and provides confidence in the accuracy of your tax data.
FTI CONSULTING: TAX TECHNOLOGY FAIR
Presenting Deep Tax: Insights from FTI Consulting's Tax Technology Fair
We were delighted to be invited to present at FTI Consulting’s Tax Technology Virtual Fair, where we showcased the Innovative and power behind Deep Tax.
The presentation was divided into
Two parts:
Deep Tax Overview:
We highlighted the capabilities of Deep Tax, showcasing how its use of advanced AI technology and highly efficient algorithms has identified millions of pounds in tax savings. We emphasised that Deep Tax is neither reliant on machine learning nor a 'black box' solution, ensuring full transparency in its decision-making.
Case Study Highlights:
Alex Clayton, Group Tax Manager at Bioenergy Infrastructure Group, shared insights from a recent case study where Deep Tax was applied to an exceptionally complex dataset. The results were remarkable, demonstrating Deep Tax’s ability to handle intricate scenarios with precision and efficiency.
TESTIMONIAL FOLLOWING CASE STUDY
Real Results: A Testimonial from a Complex Case Study
I was looking for a tool capable of forecasting cash taxes for large groups of companies across multiple years. It needed to be sophisticated enough to manage:
⦁ Multiple group relief groups ⦁ Multiple CIR groups
⦁ Thin cap and anti-hybrid adjustments
⦁ High value capital allowances
⦁ Non-coterminous AP’s
I agreed to participate in a case study involving Deep Tax
In our use of Deep Tax, I was extremely impressed it handled our group’s complexities and proposed an optimised mix of claims and reliefs.
In my review of the results, I did not discover any instances where a “wrong” decision had been made by Deep Tax.
Overall, Deep Tax offered us a powerful solution within a complex group with very impressive capability and results.”
Alex Clayton Group Tax Manager Bioenergy Infrastructure Group
CASE STUDY SPOTLIGHT: TACKLING EXTREME TAX COMPLEXITY
A Case Study: Exceptional Results with Deep Tax for the Bioenergy Infrastructure Group
Deep Tax was tested using three years of forecast data for the Bioenergy Infrastructure Group, with data seamlessly imported from Alphatax.
The group, comprising approximately 20 companies, presented extreme complexity, including:
- Multiple groups for group relief
- Multiple groups for CIR
- Multiple groups for group deductions allowance
- Loss relief for pre- and post-March 2017 losses
- High value capital allowances
- Thin capitalisation and anti-hybrid adjustments
- Non-coterminous accounting periods
- Group relief for current and brought-forward losses
Despite the intricate nature of this dataset—the most challenging Deep Tax has ever encountered—our expectations were high. The tool’s design is built to handle precisely this level of complexity and coverage.
The results? Outstanding.
The outputs were rigorously reviewed, with all decisions made by Deep Tax replicated in market-leading CT software. The results from Deep Tax were an exact match to those generated by the CT software, validating its precision and reliability.
INCREASED LEVEL OF INFLUENCE
Greater Control Over Tax Optimisation
We’re excited to announce a powerful new feature that significantly enhances user control over tax optimisation results.
This enhancement allows users to define their own objectives, giving unprecedented influence over the optimisation process.
Key features include:
- Custom Objectives: Users can define an unlimited number of objectives tailored to their unique needs.
- Prioritisation: Relative levels of importance can be assigned to each objective, ensuring results align with strategic priorities.
- Integrated Overrides: Users can combine overrides with custom objectives for even greater precision.
With this enhancement, much of the fine-tuning traditionally done manually is now seamlessly integrated into the optimisation process. The result? A more efficient, tailored, and automated approach to tax optimisation.