Transition to NextGen version (UK)

NextGen feature overview

NextGen offers a cloud-based platform for efficient tax computations and returns, featuring tools for single and group entities, XBRL e-filing, data importing, and customizable reporting. With seamless integration and robust tracking features, it simplifies compliance and enhances productivity.
Refer to the following list of features with an explanation for each one.
  • Creation of single entity tax computations and tax return:
     Set up your entities and create tax calculations for them. These can be created as standard for all entities or tailored according to the calculation needs of each specific entity, including multi-period and multi-trade.
  • Creation of group functionality computations:
     Generate a group calculation that performs tax calculation actions needing to be performed on a group level, such as group relief, corporate interest restriction, and patent box.
  • XBRL and e-filing of tax return:
     Produce the XBRL for the tax calculation and tax return, and file them with HMRC using our integrated e-filing tool – provided as standard.
  • Logical and user-friendly calculations:
     The calculations have been designed in a logical and easy-to-use format including hyperlinked referencing, formula display, and reconciliations. Calculations can be tailored directly to your needs through simply selecting the predefined sheets to add.
  • Mapping and data importing:
     Import your Trial Balance directly into OCT and map the data directly into your calculation for either a single legal entity or a group of legal entities. Other transactional type data can also be imported such as fixed asset additions.
  • Review notes and file attachments:
     Easily add review notes and comments to the calculation that can be supported by file attachments.
  • Calculation completeness review:
     Based on the sheets and information entered into the calculation, the calculation provides a dynamic list of errors. This gives information on the additional areas of the calculation to complete based on the sheets and information already contained in the tax calculations.
  • Calculation standardisation:
     Tailor each calculation according to its needs and create standard templates on which calculations can be based. This includes calculation sheets, analysis sheets, and data mappings.
  • Bulk activities:
     Do actions in bulk, such as rollforward, data uploads, and calculation configuration. These help enhance the efficiency of the annual compliance process.
  • Versioning and audit trail:
     Save different versions of the calculation without creating new calculations. When certain key activities are performed (such as a data import), a new version is automatically created to let you roll back to a previous version if necessary. In addition, maintain a full audit trail of the calculation.
  • Status tracking:
     The application contains configurable statuses, which let preparers and reviewers track the status of each calculation. Calculations can also be configured to lock when the status changes.
  • Reporting:
     Run pre-defined standard reports on screen or export the results to Excel.
  • Integration and APIs:
     OCT has been designed to use APIs to integrate not only within the ONESOURCE suite of products, but also with third-party systems. Depending on your needs, set tasks to run-automatically, such as data links to source systems or process tasks such as calculation creation.
  • Software as a Service (SaaS):
     The application is entirely cloud-based and hosted on Amazon Web Services. All upgrades and maintenance are taken care of by us. All you need to do is sign in, then you're ready to go.

This article applies to:

  • Product: ONESOURCE Corporate Tax