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Investors Take on Tax Return Deadline With "timetotrade"
BRIGHTON, England, January 14 /PRNewswire/ -- - Launch of Web-Based Tax Tool Helps Investors to Calculate Their Capital Gains and Income Tax Liabilities in Advance of UK Inland Revenue 31st January Tax Return Deadline timetotrade has launched a new tax management product that helps investors calculate and manage their Capital Gains Tax (CGT) and Income Tax liabilities for share-related transactions. timetotrade provides investors with a collective view of their tax position, and enables investment disposal scenarios to be modelled in order to maximise tax breaks and work within yearly tax allowances. The tax tools can be accessed by investors from any web browser at http://www.timetotrade.co.uk In preparation for the 31st January tax return deadline, timetotrade calculates investor's capital gains and losses based on the HMRC Share Identification rules. It includes support for Indexation, Taper Relief, and offsets current and brought forward losses against gains, to determine your tax liability. The tax tools help investors complete Self Assessment CGT and Income Tax returns and generate UK Inland Revenue Form 185(new) for investment clubs. Dary McGovern, Managing Director of Sensatus, the developers behind timetotrade, commented "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." Investors must submit a Capital Gains Tax return to the Revenue by 31st January 2008, if one or more of the following conditions were met during the tax year ending 5th April 2007: - Disposed of chargeable assets worth more than GBP35,200 - There are allowable losses to be deducted from chargeable gains; and chargeable gains before deducting losses and applying taper relief total more than GBP8,800 - There are no allowable losses to be deducted from chargeable gains and after applying taper relief the taxable gains total more that GBP8,800 - They want to claim an allowable capital loss Further Information About Sensatus Founded in August 2005, Sensatus UK Ltd is one of a new wave of software companies to set up offices in Brighton, UK. Sensatus specialises in the development of portfolio and tax management products for financial institutions and retail investors. Related Links http://www.timetotrade.co.uk http://www.hmrc.gov.uk
