The Tax Tool That All Wealth Managers Need

Investing in Self Assessment support is becoming more popular amongst wealth managers. By offering to simplify or help with the tax return process for their high net worth clients, they’re able to further support with tax planning and boost the value of their service.

But this is just one benefit of adding our platform to your arsenal. Here, I explain how GoSimpleTax makes wealth management easier.

Save time

GoSimpleTax lets users record income and expenditure as and when it happens, and presents a real-time forecast of their final tax bill. Not only does this help your clients file, it also means they’re able to sidestep the notoriously difficult HMRC portal. Navigating this portal causes stress to many Self Assessment customers, regardless of their level of experience. All that can be avoided with GoSimpleTax.

Our software submits tax returns directly to HMRC and will be compliant with the new Making Tax Digital (MTD) regime being introduced from April 2023. This means that you won’t have to change your clients’ approach later, and you also won’t be required to dig deep into the GOV.UK site to find the relevant tax forms. With our platform, information is automatically entered into the right supplementary pages.

An added advantage of this, of course, is that you’re less likely to make an error, protecting your clients from any unnecessary penalties and greatly improving the overall accuracy of your service. What’s more, should your client need any assistance when you aren’t available, our platform comes with a whole host of resources to support them through the Self Assessment process.

Be alerted to possible savings

Not only are you going to increase your accuracy, but with our hints and tips, there may be some tax savings for your client. Our platform prompts users when potential expenditure has been missed and could perhaps be classed as an allowable expense, helping to reduce your clients’ tax liability.

This service alone positions you as an expert on your clients’ tax affairs. Depending on how much they claim, you may even be able to help them steer clear of falling into a higher tax bracket – especially as you’re able to see what they owe in real time. The difference this will make year-on-year is more than enough to justify your management fees.

Store documentation

You know as well as us that paper is too easily lost. So, our app allows users to take pictures of their receipts and invoices, upload them to their GoSimpleTax account, and store them securely in the cloud. This way, should your client be investigated by HMRC, they have all the documentation they need to help avoid a penalty.

The three kinds of investigation – full enquiry, aspect enquiry and random check – vary in scale, but by having receipts in a digital form, you’re more than equipped to explain a client’s expense or source of income. Most taxpayers will never face a full enquiry, but for those that do, HMRC is entitled to study up to six years’ worth of tax history – so it really does pay to be organised.

Once your clients are regularly sending you receipts and invoices, they’re much more likely to rely on your services as you’ll have immediate access to their documentation.

Let’s work together

 GoSimpleTax is an award-winning, cloud-based solution that’s officially recognised by HMRC. We can help your clients file the SA100 personal tax return and the SA800 partnership tax return. Not only does our software carry out all the calculations for you, we also prepare your clients for the government’s new MTD initiative to digitalise tax.

 But don’t just take our word for it. See what Lance Baron of Tucana Financial Planning has to say:

“From my point of view, it adds clear value to the relationship between clients and advisors. It offers increased transparency and visibility and, ultimately, it allows for effective collaboration on their tax affairs.”

 If you’re interested in enhancing and streamlining your service, as well as offering effortless Self Assessments to your clients, please get in touch with me.

PIMFA members receive a 15% discount off GoSimpleTax here, that means you can file for £41.65 – upon registration a discount code will be emailed to you.

Mike Parkes

Technical Director at GoSimpleTax