The public and parliament want greater transparency from big business, particularly in respect of their tax affairs. That in turn, has prompted an increased volume of voluntary reporting by public companies. But it won't end there.
Later this year we can expect to see the first piece of mandatory disclosure. All large UK businesses - public and private - with annual revenues in excess of £200m or a balance sheet of more than £2bn, will have to publish their tax strategy annually. That includes their attitude to tax planning and how much risk they're prepared to take.
So, if your business falls into that group, your previously private tax affairs will soon be open to public scrutiny. What will your stakeholders and the public make of it - will your policies seem reasonable and will they ring true?
Now's the time to be sure that what you do in private will still protect and enhance, your brand when it becomes public.
We’ve seen a substantial change in the approach of businesses and governments towards the public reporting of tax since our first Building Public Trust Awards for tax reporting eleven years ago. It’s against this backdrop that we present insight into voluntary tax reporting for accounting periods ending in the year to 31 March 2016.