Vantis Tax is introducing a new electronic tax support service which it says will give IFAs a new revenue stream.
TaxCracker provides IFAs with a software-based tax questionnaire which allows them to profile clients and identify tax requirements based on information about income, assets and estate. The research team will analyse this data and recommend tax-saving ideas.
Subscribers will get an electronic quarterly tax planning newsletter and two tax planning ideas each month, as well as access to Vantis’ tax library of information.
Vantis says the tax market is buoyant and is a relatively untapped opportunity as many IFAs do not have the detailed knowledge needed to recommend tax-saving strategies.
Managing director Roy Faichney says: “Our service enables the IFA community to create new opportunities with clients by adding the skills and expertise of a major tax planning consultant. It is a popular misconception that tax mitigation is the preserve of the super-rich. A lot of people are losing money at the moment as a result of poor tax planning.”