AI adoption is accelerating, but tax firms risk falling behind. Without clear success metrics, talent will leave, and competitive advantage will be lost. A new Tolley survey of UK tax practitioners reveals...
Launch event for the consolidated tax laws at RELX Headquarters in London with Ian Glencross, Mai Trinh, Marcia Balisciano, Paul Walker, Ambassador Lalisa Birhanu, Dominic Mathon, Nick Luff, Lisa Mackie...
The rise of generative AI is rapidly transforming the tax profession. A recent survey by Tolley found that over a third of UK tax practitioners are already using these powerful AI tools, with many more...
The tax profession is in the midst of an AI revolution. Generative AI tools are rapidly transforming how tax practitioners research issues, draft documents, and serve clients. While the potential benefits...
Practitioners across the UK are eagerly embracing generative AI to streamline their workflows and enhance productivity. According to a recent survey by Tolley, 35% of tax professionals are already using...
Practitioners across the UK are eagerly embracing generative AI to streamline their workflows and enhance productivity. According to a recent survey by Tolley, 35% of tax professionals are already using generative AI at least once a month, with 9% leveraging it daily. As the technology continues to evolve, two key use cases are emerging as game-changers: drafting and tax research.
To stay ahead of the curve, it's essential to understand the potential of generative AI in these areas.
Drafting tax documents is a time-consuming yet critical task for practitioners. Generative AI automates significant portions of the drafting process, allowing professionals to focus on higher-value activities. The survey revealed that 87% of tax practitioners prioritise using generative AI for drafting tax documents.
“Generative AI has vast potential to drive productivity by enabling tax professionals to focus on the technical and value-adding aspects of their roles,” the report states.
By leveraging AI-powered drafting tools, practitioners can streamline the creation of complex legal documents, client communications, and other essential materials. This not only saves time but also reduces the risk of errors, ensuring consistency and accuracy across all outputs.
Bivek Sharma, Chief Technology Officer & Head of Alliances for Tax, Legal and People business at PwC, says AI has changed the rules of the game, with an unprecedented level of transformation in tax.
“Gone are the times where you have to spend hours, days, or even months reviewing thousands of technical documents.”
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Tax research is a cornerstone of the profession, and generative AI is poised to revolutionise this critical aspect. The survey found that a staggering 91% of respondents prioritise using AI for researching tax matters, making it the top priority among practitioners.
“Generative AI can help the tax professional understand, break down and evaluate analysis so they better understand client circumstances and address any concerns or points of misunderstanding,” the report states.
AI-powered research tools can quickly sift through vast amounts of data with unparalleled speed and accuracy. This not only saves time but also ensures that practitioners have access to the most up-to-date and comprehensive information, enabling them to provide well-informed advice to their clients.
Explore the full Tax Generative AI Report 2024 to learn more about the transformative impact of AI on tax research
Beyond drafting and research, generative AI holds the potential to unlock innovative solutions such as identifying tax optimisation strategies, analysing complex scenarios, and generating data-driven insights. The report highlights the ability for AI to “find patterns, issues or common themes that we didn't know existed, helping us create new business insights for our clients.”
As the technology continues to evolve, the possibilities for leveraging AI in the tax profession are vast. By embracing these cutting-edge tools, practitioners can stay ahead of the curve and deliver unparalleled value to their clients.
“GenAI, when plugged into a wider eco-system of other AI applications, platforms and data, means tax professionals can respond to the external environment, and drive real value in their organisations,” says Hayley McKelvey, Tax and Legal – Digital Innovation Leader at Deloitte.
The adoption of generative AI in the tax profession is no longer a question of “if” but “when.” With its ability to streamline drafting, revolutionise research, and unlock innovative solutions, AI is poised to transform the way tax practitioners operate. By staying informed and embracing these technologies, professionals can position themselves at the forefront of this revolution, delivering exceptional service and driving their organisational objectives forward.
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