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The project management deals with the planning as well as the resources of the organization of the company in order to move forward with a particular task duty or the events in order to complete the project properly. The respective study is based on the project of the change program of HMRC “Making Tax Digital service for VAT”. In addition to this, the concerned study is based on the role of the project of “Making Tax Digital service for VAT” with respect to delivering the organizational strategy. The study also focuses on the procedure of managing the chosen project, initiating it s well as planning the respective project. The study also sheds light on the stakeholder management in the project “Making Tax Digital service for VAT” as well as the risk management of the project. In addition to this, the concerned study also deals with the recommendations on the respective risks.
Program, portfolio as well as project deals with the management and it play a very important role in order to implementing the corporate strategy as well as a systemic way. As stated by Müller et al. (2019), in addition to this, there are many organizational benefits like rescuing the costs of operating; increasing the share of the market, increasing revenue as well as it also enhances the service or the product quality. I believe that the respective business flatter nearly digital, as well as the usage of the record-keeping digital tools helps to save the business from making different types of making others. In addition to this, the tax gap is ascribable to the failure as well as error in respect to taking the responsible care by notably decreasing the opportunities in order to make different types of mistakes in the field of tax returns (Kolesnikov et al. 2019). According to me, there is a limit in the role of the HMRC with respect to helping the people in order to choose the software.
There is an expanse for the third parties stride into this respective market such as they have many other industries, which provide review accumulation or the tools of comparison. As mentioned by Williams et al. (2020), there are many advantages of record-keeping as well as digital filling and one of the important tools that are used by the respective project is “digital record-keeping tools”. As per my perspective, making tax digital requires the business with respect to the usage of digital record keeping tools as well as submit the tax from the return data straight from the records by using the software of making tax digital compatible software. As per the view of Abdi et al. (2018), in order to tackle the freedom by the “application programming interfaces” (APIs) there is necessity of digitalization in tax. Additionally, I found that the respective program has enlivened the market of Software, which results in the important way of array about their products, which are available in the respective business.
I think, in return, it provides the respective business with the major choices over the respective tools, which are used by the respective business to run their business project. As a consequence of the respective scenario and with respect to running efficiently together the control of their tax affairs is highly required (Igwe and Ude, 2018). I have noted the fact that the assistance of MTD in the nations of the world such as the UK has a proper system of tax in which the respective business is able to construct a meaningful choice about the projects. As per my knowledge, it includes the files as well as keeping the records of their returns of VAT.
There are various businesses that have chosen the particular concept of MTD in their respective project with respect to increasing their rate of efficiency in their concerned business as well as in order to increase their profit margin. As per the views of Mansell et al. (2020), the tool of digital record keeping is very beneficial for the management of the projects because the records are stored in the form online or offline as well as in neat line. In addition to this, I think, there are two important tools for record keeping, which are computerized record keeping as well as manual record keeping. Manual record keeping deals with the traditional ways such as perforated record books and ledger sheets (Duryan et al. 2020). I have noticed the availability of multiple benefits of the manual record-keeping tool such as it is low costs as well as simplifying the usage of the respective manual system. In addition to this, computerized record-keeping functionality deals with keeping the records of business in the computer for future purpose in digital form. It is followed by the identical principles of the manual systems. There are various benefits of computerized record keeping such as it helps to remove math errors, it immediately expenses as well as income of the respective business.
There are various processes in order to manage the project of “Making Tax Digital service for VAT” that are getting the right software and making the agent services account. According to the view of Sadiq, (2021), in addition to this, signing up on the present VAT clients in order to make tax digital, asking the fresh clients to sign up in order to make the tax digital. Asking the fresh clients to permit the respective business, and sanction the software. Project management is very necessary for the respective project because it helps the different teams to organize themselves in a proper way (Russo, 2019). Additionally, to execute the work as well as to increase the work efficiency there is high requirement for meeting the goals of the respective project and to track the work of the teams. In the procedure of managing the project of “Making Tax Digital service for VAT”, getting the right software is very important for the respective organization.
Software plays a very important role; it allows the project to work in an efficient way. In addition to this, it allows the computer hardware to do the important tasks of the project. Moreover, it also helps the respective business to work more effectively on the respective project of “Making Tax Digital service for VAT”. As argued by Ali, (2021), getting proper software is very much needed within the respective project. In addition to this accounting, software is needed to calculate the value-added tax of the respective business. The threshold of the value-added tax needs to submit the value-added tax by the creation of the software of tax digital complaint. The next procedure of managing the respective project is making an “agent services account” this procedure is very much different from the HMRC services online for the accounts of the agents (Setyowati et al. 2020). The accounts of the agent services let the respective company all the existing value-added taxes of the clients, and sanctions from the online services accounts of HMRC. Making tax digital is a popular initiative of the plan the government in order to make the administration of the tax more effective way as well as it becomes easier for the taxpayers by the initiation of the full system of tax digital. In addition to this, it is essential for the definite business registered VAT in order to keep all the digital records as well as the usage of making tax digital a compatible software in order to return the returns of the VAT electronically (Alkhodre et al. 2019). In the field of making tax digital for the expanded VAT in the year 2022, in addition to this majorly the registered VAT of the respective business irrespective of their turnover need to use the making tax digital as a very compatible software in respect to preserving their business records digitally with the submission of the Reuters of the VAT to HMRC. The returns of the VAT with the help of the software are the easiest way to do the method properly.
The Tax is made digital by the legislative body of the nation which is counted to be the plan as it allows them to assist not only the business yet the individuals as well. According to the study of Kesuma and Nurhidayati, (2022), both the parties have the profitability of obtaining tax in a proper manner along with highly prioritizing it as one of their top affairs. One of the main ambitions of HMRC is to prove them highly digitally capable and considered themselves administrations of a highly digitalized tax system, worldwide. In order to concert the tax from the traditional approach to the digital approach, it is necessary to make fundamental changes in the entire system of the tax functionalities. The fundamental changes include transformation in the administration of tax in order to gain different advantages such as becoming highly effective, efficient, as well as simplified for taxpayers such that they can get their tax appropriately.
The management of the stakeholder is very important for the project of “Making Tax Digital service for VAT”. According to Saptono and Khozen, (2021), the pack of communication supports the partnerships of arrangements working with the respective stakeholders of the concerned project. In addition to this, the stakeholders use content in order to inform their respective communications as well as the major messages of the stakeholder's clients. The HMRC is responsible for the recognition task as they play an important role for their respective stakeholders. Mainly for the professionals who are in the accountancy department in collaboration with the software industry as well. Moreover, another advantageous fact of HMRC is the application of making tax digital for VAT. The huge majority of the respective project, as well as agents, meet the requirements of the stakeholders. In addition to this, the huge majority of the business as well as the agents are able to meet all the needed requirements of making tax digital in the first phase.
There are many businesses with agents that have normally acknowledged the advantages of moving into the digital for the making tax digital. As mentioned by Russo (2019), in the project of natural in order to run their business in a proper way there is a necessity for improving the effectiveness of the concerned project. In addition, the government also recognizes the attempt of the different businesses as well as their respective agents have moved forward in the fei8ld of making tax digital. First and foremost selecting the new software for the respective project of “Making Tax Digital service for VAT” as well as researching the new software together with the learning of the software in respect to use that in the respective project.
The stakeholders of the selected project are agents who help the respective business to maximize its growth as well as productivity. As per the “Lloyds bank digital index,” it showed that the major digitally engaged may save the week of the respective organization by moving into the part of digital. As stated by Setyowati et al. (2020), in addition to this the respective agents of the stakeholders of the respective project may shift their focal point from the correction of the basic transport as well to compliance with the errors of the calculations by the major advisory services.
In order to join MTD, there is the presence of critics who includes that the business needs to have a turnover that is taxable over the VAT threshold. The amount needed to be around £84,998 is allowed to join MTD for their primary VAT period from the year 2019 (gov, 2022). The service of MTC VAT has not compared from weather the business of the individuals who have been using it from 2019 to date. Moreover, the respective stakeholders of the “Making Tax Digital service for VAT” apply their institution in the health of the financial to the concerned business in order to help the stakeholder the proper identification of the opportunities of the concerned business in respect to increasing the productivity as well as the growth of the respective project. In addition to this more than “1.4 million” of the various business has signed up for the making of the task digital for VAT as well as a further 4 million of the returns of the VAT which has been submitted by the service with the forecasts of HMRC’s.
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Depending on the tern out of making tax digital, for VAT, remarkable confidence can be developed by HMRC appropriately in near future. Such kinds of activities can only be possible for the present viability of HMRC, and as a result, they can be able to deliver the technology solutions that are needed in the future. As per the view of Duryan et al. (2020), in addition to the next step of the HMRC, the development of the software market is forecasted to be dependent as it will allow them to make the respective market to be more vibrant as well as diverse. In their respective public phase, the total number of open up of pilots is expected to be more in number in the future than in 2019 along with the signing of numerous businesses as well. Through the respective gesture, it will be profitable for pilots as well as it will allow them to increase their value in not only resolving issues rather identifying them appropriately as well. As a consequence of this, it will permit them with other functionality improvements such as improvisation in providing support as well as guidance. The opportunities can be achieved in the future due to continuous monitoring along with development in service at a higher rate.
Based on the above study it can be concluded that the project “Making Tax Digital service for VAT” is very beneficial for the people because by this the people do not have to do any paper works. In addition to this previously, the VAT was using the traditional method and now it has changed to the digital form. The concerned study highlights the role of the respective project in order to deliver the organizational strategy of the respective business. In addition to this, the study also has a clear discussion about the managing of the projects in an efficient way which also includes getting the right software for converting the value-added tax into the form of the digital. Moreover, it also includes the planning of the “Making Tax Digital service for VAT” with the initiation of the respective project. The concerned study also highlights the context of the project, which has been selected for the respective study with the management of the stakeholders and the risk management factors of the project. In addition to this, the next part deals with the recommendations for the respective project.
Abdi, A., Taghipour, S. and Khamooshi, H., (2018). A model to control environmental performance of project execution process based on greenhouse gas emissions using earned value management. International Journal of Project Management, 36(3), pp.397-413. https://www.researchgate.net/profile/Abdollah-Abdi-2/publication/322400080_A_model_to_control_environmental_performance_of_project_execution_process_based_on_greenhouse_gas_emissions_using_earned_value_management/links/5c6a32674585156b570305df/A-model-to-control-environmental-performance-of-project-execution-process-based-on-greenhouse-gas-emissions-using-earned-value-management.pdf
Ali, A., (2021). Value Added Tax on Cross-Border Digital Supplies: The Kenyan Approach under the Finance Act 2019. Journal of Intellectual Property and Information Technology Law (JIPIT), 1(1), pp.37-62. https://journal.strathmore.edu/index.php/jipit/article/download/62/113
Alkhodre, A., Ali, T., Jan, S., Alsaawy, Y., Khusro, S. and Yasar, M., (2019). A blockchain-based value added tax (VAT) system: Saudi Arabia as a use-case. Int. J. Adv. Comput. Sci. Appl, 10(9), pp.708-716. https://www.researchgate.net/profile/Ahmad-Alkhodre/publication/333511632_A_Blockchain-based_Value_Added_Tax_VAT_System_Saudi_Arabia_as_a_Use-Case/links/5d12141aa6fdcc2462a3bc50/A-Blockchain-based-Value-Added-Tax-VAT-System-Saudi-Arabia-as-a-Use-Case.pdf
Duryan, M., Smyth, H., Roberts, A., Rowlinson, S. and Sherratt, F., (2020). Knowledge transfer for occupational health and safety: Cultivating health and safety learning culture in construction firms. Accident Analysis & Prevention, 139, p.105496. https://arro.anglia.ac.uk/id/eprint/705311/6/Duryan_et_al_2020.pdf
gov (2022), Overview of Making Tax Digital, Available at: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital#review-and-research, [Available on: 28-5-2022]
Igwe, N.N. and Ude, A.O., (2018). Project planning and Implementation in Nigeria: Revisiting International best practices. European Scientific Journal, 14(14), pp.152-174. http://eprints.gouni.edu.ng/2925/1/236409455.pdf
Kesuma, F.H. and Nurhidayati, N., (2022). DOES THE USE OF VIRTUAL PRIVATE NETWORK (VPN) AFFECT THE COLLECTION OF VALUE ADDED TAX (VAT)?. Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis, 4(1), pp.064-078. https://ejournal.ibik.ac.id/index.php/riset/article/download/139/64
Kolesnikov, O.E., Lukianov, D.V., Sherstyuk, O.I. and Kolesnikova, K.V., (2019). Project manager job description as one of project management key success factors. Herald of advanced information technology, (2, no 3), pp.215-228. http://www.irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64.exe?C21COM=2&I21DBN=UJRN&P21DBN=UJRN&IMAGE_FILE_DOWNLOAD=1&Image_file_name=PDF/hait_2019_2_3_7.pdf
Mansell, P., Philbin, S.P. and Broyd, T., (2020). Development of a new business model to measure organizational and project-level SDG impact—Case study of a water utility company. Sustainability, 12(16), p.6413. https://www.mdpi.com/2071-1050/12/16/6413/pdf
Müller, R., Drouin, N. and Sankaran, S., (2019). Modeling organizational project management. Project Management Journal, 50(4), pp.499-513. https://biopen.bi.no/bi-xmlui/bitstream/handle/11250/2633658/Muller_Modelling_AM.pdf?sequence=1
Russo, K., (2019). Superiority of the VAT to turnover tax as an indirect tax on digital services. National Tax Journal, 72(4), pp.857-880. https://ntanet.org/wp-content/uploads/2019/05/Superiority-of-the-VAT-to-Turnover-Tax-as-an-Indirect-Tax-on-Digital-Services-Paper.pdf
Sadiq, M., (2021). Impact of making tax digital on small businesses. Journal of Accounting and Taxation, 13(4), pp.304-316. https://www.arabianjbmr.com/pdfs/Arabian%20Journal%20of%20Business%20and%20Management%20Review%20(Kuwait%20Chapter)_KD_VOL_10_3_2021/3_ajbmrkd_10032021.pdf
Saptono, P.B. and Khozen, I., (2021). VAT Issues on Omnibus Law in Indonesia and Their Administrative Implications. International Journal of Scientific and Research Publication, 11(2), pp.130-139. https://www.researchgate.net/profile/Ismail-Khozen/publication/349109246_VAT_Issues_on_Omnibus_Law_in_Indonesia_and_Their_Administrative_Implications/links/6020ef1145851589398c2ac6/VAT-Issues-on-Omnibus-Law-in-Indonesia-and-Their-Administrative-Implications.pdf
Setyowati, M.S., Utami, N.D., Saragih, A.H. and Hendrawan, A., (2020). Blockchain technology application for value-added tax systems. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), p.156. https://www.mdpi.com/2199-8531/6/4/156/pdf
Williams, T., Vo, H., Bourne, M., Bourne, P., Cooke-Davies, T., Kirkham, R., Masterton, G., Quattrone, P. and Valette, J., (2020). A cross-national comparison of public project benefits management practices–the effectiveness of benefits management frameworks in application. Production Planning & Control, 31(8), pp.644-659. https://www.research.manchester.ac.uk/portal/files/141119238/TPPC_2019_0169.R2_Proof_hi.pdf
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