TIRIS is an automated solution for generating Automatic Exchange of Information (AEOI, formerly FATCA and CRS) BBSI and OI returns to HMRC.)
TAXATION REPORTING OVERVIEW
Producing interest reports for customer accounts is just one of the many changes the financial services sector has been subjected to in recent times.
As a way to counter tax evasion on interest earned, financial institutions are now obligated to generate a report to be submitted to HMRC, which where appropriate is then shared with other global tax authorities.
Whistlebrook have developed an application to make this process as pain free and straightforward as possible. TIRIS will generate the following reports:
- AEOI (A combined FATCA and CRS report)
INTEREST REPORTING CHALLENGES
The process of producing AEOI, BBSI and OI on the face of it might sound like a simple enough task. However, there are various complications to consider and challenges to overcome.
In many cases, particularly in larger organisations, there could be thousands of accounts, each of which may need to be reported to the tax authority. In addition, there will be some non reportable accounts which will need to be highlighted and excluded from the reports.
This is a vast amount of data that could be coming from multiple sources. Therefore, collating all of this information in the correct structure so that it can be reviewed and submitted in the correct format can start to become a challenge.
As a Microsoft Gold Partner in Data Analytics we have a wealth of experience in dealing with the challenges created by the interest reporting requirement. TIRIS has many useful features to make this process as pain free as possible.
- Automatic data loading from one or many source systems
- Change in circumstance alerting (e.g. if the ‘reportability’ status of an account changes)
- Comprehensive audit trail at cell level
- The ability to leave comments against any cell
- File generation in the format required by HMRC
- TIRIS is also capable of generating an SCV file for submission to the FSCS (available as a separate module)
Whistlebrook has been working in this arena for over 10 years, we therefore understand the challenges organisations are facing with the implementation of AEOI, BBSI and OI. Using this experience we have developed TIRIS, an intuitive and straight forward solution that will allow you to create your interest reports with ease.
TIRIS was created from ‘WIRES’, our very successful regulatory reporting solution, using the WIRES model as the basis for TIRIS has meant we have created a solution that has a tried, tested and accepted process and is being successfully used by a number of our customers.
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