An agreement has been reached between Tanager Wealth Management (Tanager) and Financial Software Ltd (FSL) to offer enhanced tax reporting services through FSL’s investment tax management solution, CGiX.
Tanager is a wealth management firm that assists transatlantic families and individuals with ties to the US with their financial strategy and investment needs.
Moreover, Tanager is permitted to employ all of CGiX’s features, such as “what-if” modelling, excess reportable income (ERI) reporting, and capital gains tax reporting, as per the agreement.
To provide comprehensive and precise tax reporting, the business will be able to import financial data from several foreign custodians using CGiX.
This will make it simple for Tanager clients’ accountants to convert income and gains for UK tax purposes and to accurately submit their clients’ UK tax obligations to HMRC.
Individuals with ties to the United States frequently have unique and complex demands, making accurate and specialised tax returns essential.
Tanager knows the complexities that transatlantic households face with their wealth, and they have used FSL’s solutions and thirty years of investment tax experience to provide their client’s comfort.
Kristopher Heck, managing partner & chief investment officer of Tanager, stated: “We are delighted to work with a market leader to ensure we can provide data in the best format possible. We are really pleased to be working with CGiX for the benefit of Tanager clients.”
Michael Edwards, managing director of FSL, added: “We are proud to welcome Tanager as our newest CGiX customer. The comprehensive nature of our software will provide a simple and transparent way for them to ensure clients receive high-quality tax reporting using the industry’s most accurate capital gains calculator.”
In an exclusive interview with Private Banker International, Edwards provides additional details regarding the collaboration.
PBI: What are the primary objectives of Tanager’s partnership with FSL?
ME: To provide its clients and their professional tax advisers with data in the best format possible to help them produce UK tax returns. The agreement will help Tanager clients report UK capital gains tax, excess reportable income (ERI) and income tax accurately.
How long is the agreement between Tanager and FSL intended to last?
ME: 3 years initially.
How will this partnership directly improve the tax reporting services for Tanager’s clients?
ME: Under the agreement, Tanager will gain access to CGiX’s complete range of functionalities, including capital gains tax reporting, ERI reporting, and ‘what-if’ modelling. Through CGiX, the company can import financial data from various international custodians to generate detailed and accurate tax reports. This will enable Tanager’s advisers to effortlessly convert income and gains for UK tax purposes and accurately report their clients’ UK tax liabilities to HMRC.
What makes FSL’s CGiX stand out from other tax management solutions in the market?
ME: CGiX is a market-leading and award-winning tax reporting solution for the UK wealth industry, covering UK, US and Irish tax. The solution continuously adapts to changes in tax legislation and is backed by 30 years of experience and a clear understanding of the latest data-driven technologies. There isn’t a more comprehensive option available when analysing tax-efficient outcomes for any type of investor.
How does this partnership align with the strategic goals of both organisations?
Tanager: The software’s comprehensive features will offer a straightforward and clear method to ensure Tanager’s clients receive top-quality tax reporting, utilising the industry’s most accurate capital gains calculator.
FSL: FSL already integrates with more than 30 proprietary and commercial front and back-office systems, this agreement with Tanager means FSL have now added Addaper to this growing list of platforms.
