In a post (or current) Covid-19 world, the concept of online learning has gone from being a rare luxury – something most people did for a hobby – to a necessity. Whether that’s children trying to do their schoolwork or professionals trying to keep up with new rules, retrain for new working practices or just understand all the changing Covid rules. Online learning has become commonplace, and, like COVID,  it’s not going away anytime soon.  But what about the tax world? Does online learning have a place here? And if it does – what does it look like?

We think it absolutely does, and this is why.

Online Learning

Online learning is not a new thing. It’s been around for a very long time, and has a lot of benefits, including:

  • Flexibility and self-paced learning
  • Not location or time specific
  • Better time management
  • Improved delivery for different learning styles

But why now, and why specifically tax? Well, right now the big benefit is that you can still access the information and training you need, despite the Covid-19 pandemic rendering in-person training sessions impossible. Instead, training materials can be accessed from anywhere, at any time, and videos can be watched at your own pace, with common FAQ’s listed next to them to answer any queries you might have when you’re watching. This means you can get a solid, basic understanding of your chosen subject matter, and if you need to know more, you can ask the right questions.

Wealth of Information at Your Fingertips

In a world as complex as tax, knowledge is power. But that doesn’t mean it’s always easy to find, or easy to know if it it’s the right information or even up to date. Online learning from a reputable source means you have a wealth of specialist information at your fingertips, just waiting for you to access it. You can use online learning resources to brush up on skills you already know, learn new ones, and even create reference guides for your own use out in the world. Online learning portals are a way to bring all the information you need on a subject together in one place, without having to spend a lot of time looking. In terms of tax, online learning can save you a lot of valuable time finding different resources, working out if they are reliable and piecing together a complete picture of the issue – leaving you with more time to work and prepare anything you need to do.

The Tax Compliance Toolkit

At TConsult, we’ve been developing an online learning solution of our own for over two years based on over twenty years of training experience. We find a lot of clients benefit from refreshing on the basics, as well as more detailed training in areas specific to them such as W-8 validation, the obligations of a responsible officer and how an internal auditor can perform a periodic review. We’ve also seen a distinct need for a specialised form of project management focussed on tax compliance and regulations – something that’s difficult to find in the market. So we have created one for our clients. The Tax Compliance Toolkit is designed to make it easier for our clients to manage the workflow of their projects – assigning tasks, uploading files, seeing what decisions have been made and by who, as well as having discussions and ensuring a clear audit trail. All of this is created in context to the specialised nature of these tax projects.

On top of that, users will have access to a range of online training and resources to refresh existing employee knowledge and induct new staff. All online learning courses are split into bite-sized chunks, so you can easily find the information you need without sourcing through an entire course. In future updates, tools will be added to help make the process of validating TINs and W8 Bens much simpler and easier.

While the Tax Compliance Toolkit will be available soon for all TConsult existing clients, and in the future, the Tax Compliance Toolkit will be the standard method we use to provide access to our services and products when onboarding new clients. We can’t wait to bring you this exciting new solution, and see exactly what new opportunities this opens up. If there is a topic you would like us to cover in our online learning, please leave your suggestions below. And if you have any questions in the meantime, just get in touch with the team today.