In part three of our learning series we are focusing on the Estimate a Future Tax Year and Finalise the Tax Year scenarios found on our QUICKStart tool.
Following the introduction of the new uplift requirements from the 2018 tax year onward, the date you file your taxpayers return for the prior tax year can have a significant impact on the structure of their current year’s tax payments. Through the QUICKStart tool, you can Estimate a Future Tax Year to work out the impact your filing date may have on your taxpayers provisional tax requirements.
By clicking on the Estimate a Future Tax Year scenario you will be directed through to Uplift Scenarios. Uplift Scenarios is a great tool to use to estimate the uplift requirements for your taxpayer across different filing periods.
All you need to do is:
- Select your taxpayers tax year to be estimated
- Enter the prior years’ RIT figures
- Hit calculate.
You will be presented with a scenario analysis detailing the likely impact of filing before P1, before P2 or after P2 would have on your taxpayer's provisional tax payments. By estimating the impact filing will have in advance, you can prepare your taxpayers for larger provisional tax payments, set a depositing plan in place or agree on a filing date which will best suit their cashflow.
As year-end approaches for your taxpayers the last thing you need to worry about is working out the best way to swap deposit funds to meet provisional tax requirements then manually allocating funds for transfer. Through QUICKStart, the Finalise the Tax Year scenario will direct you through to our RIT tool.
HOW CAN THIS BENEFIT YOU AND YOUR TAXPAYER? Check out our "How to" video here.
The RIT tool is the ultimate time-saver. You can quickly and easily set our system to either:
Determine the provisional uplift requirements for your taxpayer based on their current and previous RIT figures and filing dates; or,
Set the tool to achieve specific amounts at set dates.
Once you've set up the tool based on your taxpayers situation, you'll be directed through a series of quick fill pages where you can confirm whether your taxpayer has made any direct payments to IR, how you want existing pooled deposits used, and view the recommended transactions.
Our system works out the best solution of transfers, swaps and additional purchases required to achieve the correct tax amount at the correct date. Where a tax purchase is suggested, you can customise the payment options to suit your taxpayer, then save, print or email the result. When you’re ready to submit, all of the suggested transactions will be set in place for you, so there is no additional time spent on file. Just click Submit and the job's done!
If you have any questions or want to set up a training session, our team is always happy to help. Feel free to get in touch: firstname.lastname@example.org.