PIMFA
30 September 2021
GoSimpleTax becomes latest PIMFA Plus Partner – offering firms a tailored tax solution for clients
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is delighted to welcome GoSimpleTax as the latest of its PIMFA Plus partners offering PIMFA members support in enhancing their offering to clients.
GoSimpleTax joins as a PIMFA Plus partner a month ahead of the traditional HMRC deadline for Self-Assessment Tax paper submissions. Their offering has been developed as a tool to help wealth managers and advisers support their clients as the Government moves towards its goal of making tax digital. From April 2024 buy-to-let landlords and the self-employed with an income of £10,000 or above with fall into the Making Tax Digital meaning all self-assessment tax calculations will need to be submitted online and will need to be submitted more often.
As many as 4.2 million people will be brought into the fist phase of the Making Tax Digital regime which will see them submitting Self-Assessment Tax returns to HMRC on a quarterly basis rather than 10 months after the close of the previous tax year, as at present. This is a significant change to the way in which HMRC plans to collect tax from businesses and high net worth individuals throughout the country.
Investing in self-assessment support has become particularly popular among wealth managers in recent years as they increasingly move into supporting their high-net worth clients with their tax return process. GoSimpleTax aims to help simplify the tax return process, allowing wealth managers and advisers to provide additional support to their clients with tax planning and, in doing so, boost the value of their service to their clients.
Accessible via a mobile application and desktop, users will be able to record income and expenditure in real time. The app also presents an immediate forecast of their final tax bill and submits tax returns directly to HMRC – as well as being compliant with the new Making Tax Digital regime. The platform also provides hints and tips on potential tax savings that may be available to clients and will prompt users when potential expenditure has been missed and could perhaps be classed as an allowable expense.
GoSimpleTax is an award-winning, cloud-based solution that’s officially recognised by HMRC, that can help with the filing of SA100 personal tax and SA800 partnership tax returns. PIMFA members that wish to use GoSimpleTax’s digital service will receive a 15% discount upon registration through a unique discount code.
Amanda Swales, Director at GoSimpleTax, commented:
“With the changes coming to Self-Assessment Tax returns in the next couple of years it will be even more important to keep accurate records of a client’s tax position and ensure returns are filed on time. However, the Making Tax Digital regime, while at first it may appear daunting, presents an opportunity for wealth managers to help their clients maximise their financial position, while paying the tax due to HMRC.
“We’re proud to become a PIMFA Plus Partner and hope GoSimpleTax will help wealth managers add clear value to the relationship they have with their clients by offering increased transparency and visibility and allowing for effective collaboration on their tax affairs.”
Richard Adler, PIMFA’s Director of Strategic Partnerships, commented: “We are delighted to welcome GoSimpleTax to PIMFA’s growing family of PIMFA Plus Partners that offer valuable services to our members. The addition of GoSimpleTax recognises the continuation of the move to transacting online, which will soon incorporate tax returns as the Government moves towards its goal of Making Tax Digital. So it is right that PIMFA members have access to the right tools, such as GoSimpleTax, to enable them to manage the online process efficiently, allowing them to continue to do what they do best; advising their clients.”
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About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision, & the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
Contact
For further information on this release or other press matters please contact:
Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376
Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
