At Diagnostax we have a vision, to universally change the way tax advice is delivered.

At Diagnostax we have a vision, to universally change the way tax advice is delivered.

So, what is Diagnostax?

Diagnostax is a systematic fact-finding process – tax diagnostic review – that uses a client’s current personal and financial situation to identify all of a client’s:

•   tax advisory needs,
•   tax saving opportunities, and
•   available tax reliefs.

It also provides a framework to ensure each tax advisory need identified, is completed with the client, in a prioritised and timely plan.

But, to really understand what Diagnostax is and how it works, it’s best to look at it in comparison to what happens now.

So, what is Diagnostax?

Diagnostax is a systematic fact-finding process that uses a client’s current personal and financial situation to identify all of a client’s:

•   tax advisory needs,
•   tax saving opportunities, and
•   available tax reliefs.

 

It also provides a framework to ensure each tax advisory need identified, is completed with the client, in a prioritised and timely plan.

But, to really understand what Diagnostax is and how it works, it’s best to look at it in comparison to what happens now.

How you do it now

Most accountants provide one, or two, or three, or maybe all of the below variations of tax advice services to their clients:

•   Calculation and submission of a tax return.
 
•   Assessment of circumstances against available allowances and reliefs.
 
•   A discussion regarding a specific scenario e.g. property portfolio.
 
•   A general assessment of broad key areas: corporate, personal and assessment if it is relevant e.g. R&D, CGT, IHT, etc.
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How you do it now

Most accountants provide one, or two, or three, or maybe all of the below variations of tax advice services to their clients:

• Calculation and submission of a tax return.
 
• Assessment of circumstances against available allowances and reliefs.
 
• A discussion regarding a specific scenario e.g property portfolio.
 
• A general assessment of broad key areas: corporate, personal and assessment if it is relevant e.g. R&D, CGT, IHT, etc. 

Click to enlarge

What’s the problem

Depending on the value of a client, the expertise of a firm and even more so the expertise of client facing individuals, clients are receiving a slightly different tax advisory service. Why?

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Unlike completing a tax return, there isn’t an official systematic process for identifying and delivering tax advice.

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Tax is inherently complex. Over 2017 alone, tax legislation increased at a pace of over two pages every single day. It’s a lot to keep up with. You would need an army of tax experts to spot every potential relief for every client.

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Tax advisory expertise is like gold dust. Across the UK, there are only 17,000 studying and Chartered Tax Advisers nationwide.

What’s the problem

Depending on the value of a client, the expertise of a firm and even more so the expertise of client facing individuals, clients are receiving a slightly different tax advisory service. Why?

What is DTX inc new_Page_1

Unlike completing a tax return, there isn’t an official systematic process for identifying and delivering tax advice.

What is DTX inc new_Page_2

Tax is inherently complex. Over 2017 alone, tax legislation increased at a pace of over two pages every single day. It’s a lot to keep up with. You would need an army of tax experts to spot every potential relief for every client.

What is DTX inc new_Page_3

Tax advisory expertise is like gold dust. Across the UK, there are only 17,000 studying and Chartered Tax Advisers nationwide.

We caught up with Paul Barnes at MAP. to find out the challenges they face delivering tax advice and how Diagnostax is helping to overcome them:

The result…

Not all clients are getting the tax advice they need, tax reliefs are being underutilised and clients are overpaying taxes.

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Inheritance tax revenues have reached a record of over £5bn.

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Marriage Allowance was claimed by less than 1 in 3 eligible taxpayers in 2016/17.

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Multiple Dwellings Relief was claimed on an estimated 33% of eligible transactions in 2016/17.

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An estimated 90% of eligible taxpayers are not aware of R&D relief.

So, we made it our mission, to simplify the tax advisory process and build enabling technology, so that accountants can consistently deliver valuable tax advice to all those individuals and businesses that need it.

The result…

Not all clients are getting the tax advice they need, tax reliefs are being underutilised and clients are overpaying taxes.

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Inheritance tax revenues have reached a record of over £5bn. 

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Marriage Allowance was claimed by less than 1 in 3 eligible taxpayers in 2016/17

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And the same year, Multiple Dwellings Relief was claimed on an estimated 33% of eligible transactions.

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An estimated 90% of eligible taxpayers are not aware of R&D relief.

 

So, we made it our mission, to simplify the tax advisory process and build enabling technology, so that accountants can consistently deliver valuable tax advice to all those individuals and businesses that need it.

Introducing Diagnostax….

For those accountants who are looking to attract new clients, grow their firms and differentiate themselves from the ever-growing throng of cloud accountants, Diagnostax presents a new opportunity.

Introducing Diagnostax….

For those accountants who are looking to attract new clients, grow their firms and differentiate themselves from the ever-growing throng of cloud accountants, Diagnostax presents a new opportunity.

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Generate personalised tax diagnostic

To get started input your client’s personal and financial details. The software analyses the details to generate an intelligent route of ‘Yes’ and ‘No’ questions, specific to your client, covering all areas of tax.

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Complete tax diagnostic

As you complete the questions, explanation text and client engagement toggles, assist less experienced advisors through the consultation experience, as well as actively engaging the client.

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Download tax diagnostic report 

After all the questions have been answered, the software automatically generates a breakdown of all your client’s tax advisory needs, in a client view via your account, as well as a detailed downloadable report.

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View tax issues & create action plan

Via the client view, prioritise the tax advisory needs identified, and access commercially worded follow up templates, to create a timely and prioritised plan that your client understands.

Take a guided tour of Diagnostax

What better way to get to know Diagnostax than a whistle-stop tour of the main features. You’ll get a good feel for what the software can do for you and your clients.

Take a guided tour of Diagnostax

What better way to get to know Diagnostax than a whistle-stop tour of the main features. You’ll get a good feel for what the software can do for you and your clients.