Timetotrade, a platform/website developed by Sensatus, a provider of portfolio and tax management products to financial institutions and retail investors, has introduced a web-based tax management tool that helps investors calculate and manage their capital gains tax (CGT) and income tax liabilities for all their share-related transactions.
Enabling private investors to manage their investment affairs, timetotrade claims to enable investors to generate tax forms, track company performance, maintain a trading journal, access professional trading tools and create alerts to avoid missed trading opportunities. It aims to give investors a collective insight into their tax position, and facilitates easy disposal of investments, thereby enabling users to enjoy tax breaks.
Sensatus states that the product has been developed keeping in mind the January 31, 2008 tax return deadline. Based on the HMRC Share Identification rules, timetotrade calculates the investor’s gains and losses.
Other features it supports are Indexation and Taper Relief, and also compares the current gains and losses against the carried forward investments. Based on the results, the tool determines the individual’s tax liability. It offers similar features to investment clubs.
According to timetotrade, the tax tools help investors complete the Self Assessment CGT and income tax returns and generate the information required to complete the UK Inland Revenue Form 185(new). It also enables users to access tax and investment information through their mobile phones.
Dary McGovern, MD, Sensatus, said: “We have been working closely with private investors and the UK Shareholders Association during the development of timetotrade. In doing so, it quickly became apparent that a solution was needed that would help investors quickly determine their tax liability. Using timetotrade, investors can now do this.”
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