October 6, 2010 in Finance (E)
[prMac.com] New Delhi, India - Arbor Media's first App for the iPhone/ iPod touch/ iPad, the UK Tax Wizard is now available on the iTunes store (UK and International stores). The UK Tax Wizard is a comprehensive App, designed to accurately compute personal income taxes and National Insurance contributions, for the UK taxpayer.
Often other Apps over-simplify the tricky issue of personal income taxes, calculating taxes only on the basis of gross salary. UK Tax Wizard's comprehensive, sophisticated tax calculator engine has been designed keeping in mind HMRC's complex tax system, and takes into account all factors, big or small, considered by the UK government in calculating your taxes.
Arbor Media, a part of Modus Priori Research Private Limited, is a publishing and research organisation, set up with the goal of simplifying personal finance for the common man. We are working with the target of introducing many products - Websites, Web Apps, Blogs, Calculators, and Phone Apps - in the near future.
UK Tax Wizard Overview:
There are numerous web and mobile apps that calculate taxes on the basis of just the gross salary and a few other attributes. Owing to the highly complex personal tax structure in the UK, We believe that this extreme generalization does not present the full picture for UK taxpayers and leads to incomplete and inaccurate financial planning. UK Tax Wizard has been designed keeping in mind HMRC's complex tax system that differentiates between individual taxpayers on the basis of numerous factors, some of them too small to be considered by other applications.
To take an example, HMRC not only differentiates taxpayers on the basis of their age & marital status, it also takes into account factors like visual impairment into account in calculating taxes. Further, HMRC classifies different taxpayers on the basis of how they earned their income, i.e. salaried, self-employed or business owners. Spectacularly, the government also accounts for the price of the company owned car (if any) and also its emission figures!
The above are some of the nuances one needs to account for while calculating personal income taxes in the UK. The UK Tax Wizard accounts for all of the above, and practically everything, that the HMRC factors in to calculate your personal income taxes, making this App the most comprehensive tax app for the UK taxpayer.
The sophisticated tax calculating engine married to Apple's stunningly intuitive user interface makes UK Tax Wizard the most advanced tax calculating App in the market today.
Ten Features that make UK Tax Wizard stand out:
UK Tax Wizard is many notches above ordinary tax calculating apps available in the market. The UK has one of the most complex personal tax systems in the world, with numerous factors being considered to differentiate between various taxpayers. Our App takes into account all of them, carrying out more than 100,000 computations, to arrive at the accurate tax amount. When you calculate your taxes on the UK Tax Wizard, you are not getting estimates; you get precise results as good as what tax consultants would arrive at.
2. Takes into account overseas income as well:
The UK government has a dual taxation treaty with most countries so that any UK taxpayers on international assignments, and repatriating parts of their income back home, do not end up paying taxes twice. UK Tax Wizard takes into account income from outside the country and also taxes paid to other governments and accordingly calculates taxes.
UK Tax Wizard is designed to accurately calculate the personal income taxes for both financial years 2009-10 and 2010-11. While tax filing for FY2009-10 is going on, the App is also ready to calculate your taxes and prepare you for filing returns for FY 2010-11. UK Tax Wizard will maintain both sets of information and the user can easily switch between the financial years.
The HMRC has notified 31st October as the last date for filing of paper tax returns. The UK Tax Wizard is the right App to help UK taxpayers compute their personal taxes correctly.
5. Future ready:
When designing the UK Tax Wizard, we extensively studied the UK tax regime. HMRC tweaks the tax structure every year and we would be ready with timely App updates to keep you prepared for regulations of the future.
6. One app for salaried, self-employed and small business owners:
The way HMRC taxes your income depends on how you earned it, i.e. whether you are salaried, self-employed or a business owner. And it gets all the more complex if you have multiple sources like rental properties. UK Tax Wizard takes into account all such permutations and combinations. Just fill in the fields that are relevant to you and the UK Tax Wizard will do the job.
7. Graphics - charts:
UK Tax Wizard builds stunning charts which provide break-ups on your income, National Insurance and taxes. Even better, the App provides you with your net tax rate, the real indicator of how heavily (or lightly) you are taxed.
You are not a tax expert and may omit valuable data that may eventually lead to paying more taxes than you should be paying. UK Tax Wizard not only calculates taxes, it carefully scans the data and catches such omissions, providing you detailed tips at the end for saving on taxes.
9. Offline - secure:
The data that you enter, including your personal details, are yours and stays on your device only. The application does not transmit data through the network. In fact, UK Tax Wizard does not connect to the data network except to access Google Charts API to create the graphical analysis.
10. Saves data - resumes:
The tax application is comprehensive and there are multiple fields of information to be provided. Often, one may not have all the details at hand. No worries! Just save the data inside the App, close things and go away. You can restart where you left off next time.
We Would Like You to Review UK Tax Wizard:
We regard you as a thought leader or an observer of the personal finance space and value your opinion. We seek your honest review of the App, more to make the App better than for anything else. We solicit your feedback irrespective of whether your reviews are published in any media outlets, or not.
* iPhone and iPod touch
* Requires iOS 4.0 or later
* 2.1 MB
Pricing and Availability:
UK Tax Wizard 2010 (v1.0) is $2.99 USD (or equivalent amount in other currencies) and available exclusively through the App Store in the Finance category. Apart from the UK App store, the App is also available on international App stores to facilitate usage by UK taxpayers on overseas postings.
Arbor Media, a part of MPRPL, is on a mission to simplify personal finance for the common man. We are a team of nine based out of UK and India and are a healthy mix of passionate geeks and number crunchers. Copyright (C) 2010 Arbor Media. All Rights Reserved. Apple, the Apple logo, iPhone, iPod and iPad are registered trademarks of Apple Inc. in the U.S. and/or other countries.