Absolute Taxpert Tax Planning Apps

Package cost from £99.00 Plus VAT

Devised and written by Tim Good, our Apps are at the forefront of tax planning. They provide a quick and simple method of advising your clients on the most tax efficient options available to them.

 

Our range of Tax Planning Apps are the only Apps on the market that can accurately calculate 2023-24 and/or 2024-25 taxes on the following:

 

  • Dividend tax

  • Interest tax

  • Salary vs dividend and incorporation

  • Scottish taxpayer computations

  • Interest restriction for landlords

  • Tax on pension contributions

  • Basis period reform and cessations

 

The Absolute Taxpert Tax Planning Apps help your clients see all the options available and potentially save them thousands of pounds in tax.

 

 

 

Email or call us to arrange a FREE Trial

Call us on 03300 579651

Changing tax legislation

The dividend and interest taxation rules introduced in 2016-17 moved the goal posts quite dramatically when it comes to: remuneration planning; the tax benefits of incorporation; and calculating and comparing overall tax liabilities for individuals with a range of income sources. These decisions have been further complicated by the changes to tax and NIC rates and thresholds announced in March, September and November 2022. And the changes to NIC rates announced in November 2023 and March 2024 have moved the goalposts all over again!

 

To help accountants and tax advisers show their clients how much tax and NIC would be due in any given situation, Tim Good originally developed three tax planning Apps:

 

  • Taxpert Tax Calculator
  • Taxpert Profit Extractor
  • Taxpert Incorporation

 

These Apps let you change the salary, dividend, interest and other income and reliefs so that you can instantly see the effect on overall net income. Alternatively, you can work backwards from a profit figure to work out how much dividend could be taken or work out which year would be the best for a bonus payment.

 

Following on from the success of these first Apps, and based on the changing and complicated tax calculations for pensions, chargeable event gains and the taxation basis for the self-employed, Tim went on to develop the:

 

 

All of Tim’s Taxpert Apps have been written from scratch with the client needs of those advisers using them in mind. With over 40 years of experience explaining and demonstrating tax changes, Tim is ideally positioned to produce accurate, relevant and reliable software. HMRC themselves rely in part on Tim to identify and tell them about scenarios where the HMRC software miscalculates the tax liability.

 

Each Taxpert App gives you complete flexibility of input and access to the detailed calculations behind the results.


NEW for 2024-25 - The Taxpert Tax Provider App

 

This new app helps taxpayers and their agents create a monthly budget plan for their anticipated tax and NICs liabilities. Made possible by the new basis period rules for the self-employed the Taxpert Tax Provider App works by computing an accurate estimate of the liabilities month by month as the user inputs their monthly income figures. Our Tax Provider App has separate sections for the 2023-24 tax year and for the 2024-25 tax year so that it can be used both to determine final liabilities for the most recently ended tax year and then estimate the monthly provisions need for the current tax year.

 

Tim created this new tool when one of his children recently became self-employed and wanted to know how much she should be setting aside each month! But it is not just for the self-employed: the Tax Provider App includes the estimated liabilities on all sources of income including from let properties, employments and companies.
 

 


 

Product overview

An overview of the functionality of each of our Apps, together with worked examples are shown below:

Taxpert Tax Calculator

Our Tax Calculator App lets you input a client’s income figures so that they can see the resultant tax, NIC and net income figures.
 

The 2024 Tax Calculator is available now and: 

 

  • correctly allocates tax reliefs and allowances to minimise tax liabilities;
  • shows what the 2023-24 HMRC self assessment calculator gets and highlight any differences with the App's calculations;
  • has a property rental screen to show the effect of the finance cost restriction;
  • generates a tax report to show to your client;
  • can determine the 2024-25 dividend required to give the same net income as 2023-24 using the equalise function;
  • shows the High Income Child Benefit Charge under both the old rules (2023-24) and the new rules (2024-25).

 

The App also supports the (horribly complicated!) Scottish taxpayer calculations.

 

Why use the Taxpert Tax Calculator App

 

The Tax Calculator App saves you from having to reinvent the wheel when it comes to calculating the likely tax liabilities of different scenarios for your clients. Unlike some tax planning tools, our App shows you the correct tax liability for the HMRC exclusion cases relating to income, dividends and interest. You can have total confidence in the accuracy of the tax figures you show your clients. Indeed some of our users automatically use the Tax Calculator App to compare its figures against those produced by their primary tax and accounting software. The 2023 version of the Tax Calculator is still available and will help you to identify 2022-23 returns that cannot be filed online because of the HMRC exclusion cases (see our article).

 

The main benefit of the Tax Calculator is being able to show your clients the tax consequences of different income and tax relief strategies. This, along with providing the full workings for each calculation, allows them to make reasoned decisions when presented with different scenarios.

 

At only £99+VAT, or for just £50+VAT if you have already purchased any other Taxpert App, you can have confidence in the resultant figures and help to save your clients money. Further details, along with booking a free trial of the product, can be found HERE.

 

Alternatively, please call us on 03300 579651 or email: sales@absolutetax.co.uk for more details.

 

Taxpert Profit Extraction App

Our 2024 Profit Extraction App shows your clients how much salary, dividends or interest they can take out of their businesses. The Profit Extraction App lets you:

 

  • input profit and other details for the 2023-24 and/or 2024-25 tax years;
  • calculate the net incomes for different profit extraction strategies with the 'Optimise' function automatically calculating the optimal strategy based on your client's circumstances;
  • see the effects of the 2024-25 changes to income tax, corporation tax and NIC rates and thresholds;
  • calculate the 2024-25 dividend required which will give your clients the same net income as 2023-24;
  • make the above calculations for Scottish taxpayers as well.

 

The Taxpert Profit Extraction App in action

 

  • Joe is a sole director shareholder and his company will make about £80,000 profit in the year to 31 March 2025. The optimum profit extraction is for Joe to pay himself director’s fees of £12,570 and a dividend £52,959, giving him net income of £57,124.

 

  • Bella is the same as Joe except that she has financed her company with a loan of £100,000. If the company pays Bella interest of £6,000 and director’s fees of £12,070 she can have a dividend of £48,967 and her net income of £58,605 will be £1,481 more than Joe's!

 

Why use the Taxpert Profit Extraction App?

 

The Profit Extraction App has been designed to provide a simple way to show your clients the most tax efficient ways of remunerating themselves from their businesses. It can demonstrate quickly and clearly how clients can maximise their income, whilst showing the tax and NIC consequences of applying different salary versus dividend strategies. The App provides the full workings for each calculation and, as with all other Absolute Apps, you can be confident in the tax figures that you are showing your clients.

 

Taxpert Incorporation App

The Incorporation App sets out the financial consequences of being a sole trader versus a limited company. It enables business owners to see quickly if they should incorporate and if they do, what amounts they can extract from the business. In doing so, it lets you:

 

  • input the trading profit and other income details for 2024-25;
  • calculate the net income if trading as a sole trader;
  • calculate the net income if trading through a company;
  • identify the optimal income mix using the App's 'Optimise' function;
  • see the overall savings from incorporation, where appropriate;
  • show the calculations for Scottish taxpayers.

 

 

The Taxpert Incorporation App in action

 

  • Morag is a sole trader with profits of £75,000. As a Scottish taxpayer her net income for 2024-25 will be £52,715. If she incorporated and took a salary of £12,570 and the rest as dividends her net income would be £54,689 and she is better off by £1,974.

 

  • Billie is a sole trader with profits of £75,000. As a non-Scottish taxpayer her net income for 2024-25 will be £54,811. If she incorporated and took a salary of £12,570 and the rest as dividends her net income would be £54,689 and she is better off by £632.

 

  • If Billie is over the state pension age then incorporating would make her worse off by £2,879 in 2024-25 whereas if Morag was over the state pension age incorporating would make her worse off by £782.

 

Why use the Taxpert Incorporation App?

 

Our Incorporation App is a great way to show clients whether they are better off being a sole trader or a limited company. As well as having the confidence in the tax figures which you show to your clients, the App gives you the full workings of the calculations. It is an easy way to show clients the tax consequences and implications for the different business structures.

 

 

 

Taxpert Planning Apps – they’re excellent, but don’t just take our word for it.

Our 2022 Taxpert Apps customer survey highlighted the many benefits our users have gained from using the Apps. This included their ease of use, the technical support which is available from the Absolute team and the value for money the Apps provided.

 

85% rated their overall satisfaction with the Apps as good or excellent.

 

Respondents said the key reasons for using the Apps were:

 

  • Calculating the results quicker than doing it manually – 90%
  • Producing accurate and reliable tax planning information – 81%
  • Flexibility to change the data to show clients the different options available – 75%

 

In addition, two-thirds of respondents said the Apps were great at encouraging interaction with clients, with 90% saying they use the Apps in advance of client meetings, so that they have all the options available to show their clients.

 

The following quotes are just some of the great responses we have had from our Apps users over the years:

 

“The apps make it really easy and quickly to see tax savings for many different scenarios for our clients. Very useful tool.” - Matthew Ellwood, MBE Accountancy Ltd.

 

“Very easy to use and a great time saver when doing complex calculations for clients.” - Pamela Chatterjee, Cook & Partners Limited.

 

“It's a really easy way to quickly run different scenarios for clients. (The Apps greatest strengths are their) ease of use, along with the technical knowledge of Tim Good and Team and knowing you guys have a direct line to HMRC.” – Neil Whittingham, NR Barton

                                                                                                                       

“Simple to use and (you) don't have to enter the client's information, i.e. personal details to use them.” – Liz Mills, Langers                                                                                                          

 

“(I) just love the planning ability of the Taxpert Tax Calculator.” – Andres Franklin, FCA UK Ltd

 

“(The Apps greatest strengths are) the re-assurance they give (that our) software has dealt with certain scenarios correctly. It is often correct over other software.” – Steven Griffen, Plummer Parsons

                                                                                                                                                                                                                

“For the price these are the best pieces of tax software I've ever had the pleasure of using.” – Robert Shadbolt, Shaw Gibbs Ltd

 

 

Pricing

For just £199 plus VAT you will have access to all three of the above calculator Apps on a single user basis.

 

For just £99 plus VAT you can buy any one of the three calculator Apps on a single user basis and then add any of the other three Apps for an additional £50 plus VAT each (including our Tax Provider App, our Pencon Tool and our Basis Period Reform App).

 

Our Apps will run on all versions of Excel but please note that some users of old versions may not be able to run the optimise feature which depends on the Solver add-on.  This does NOT detract from the use of the App for advising clients on the tax and NIC consequences of different income combinations.

 

The multi-user licence allows use on up to 5 machines. If you require a licence for more than 5 machines please contact us on 03300 579651 or sales@absolutetax.co.uk.

 

For further information on this product please give us a call on 03300 579651 or contact us here.

> Download a free trial of Taxpert Tax Calculator App 2024
> Download a free trial of Taxpert Tax Provider 2024
> Download a free trial of Taxpert Incorporation App 2024
> Download a free trial of Taxpert Profit Extraction App 2024
> Download a free trial of Taxpert Basis Period Reform App 2023
> Download a free trial of Absolute Taxpert Pencon Tool 2024

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