Tax Torch is a cloud-based tax planning application that helps users understand and optimize their tax liabilities. The platform provides tools and insights to make informed financial decisions and potentially reduce tax burdens.
Funding
Funding not disclosed
Founders
Product
Problem
Many accountants rely on manual processes and spreadsheets for personal tax planning, leading to inefficiencies, errors, and difficulty in scaling their services. This makes it challenging to provide proactive, tailored advice that aligns with clients' financial goals.
Solution
Tax Torch is a cloud-based tax planning platform designed to streamline and automate personal tax planning for accounting firms. The platform enables accountants to centralize client data, model various tax scenarios, and generate clear, visually appealing reports. By integrating client goals, income streams, and tax regulations into a single system, Tax Torch facilitates proactive tax planning, allowing firms to offer bespoke advice and demonstrate the value of their services. The platform also includes AI-powered insights to assist with complex tax-related questions and scenario planning.
Target Audience
Tax Torch primarily targets accounting firms and finance professionals looking to streamline their personal tax planning processes, offer proactive advice, and scale their services.
Features
- Centralized client data storage for managing personal, financial, and business goals in one location
- Scenario planning tools for comparing different tax strategies, including salary vs. dividend options
- Automated calculations and real-time updates for tax rates and regulations, ensuring compliance with HMRC rules
- Visual reporting capabilities for creating client-friendly reports that highlight tax planning outcomes
- AI-powered insights for answering complex tax questions and providing guidance on optimal strategies
- Client data requests to streamline information gathering and reduce manual data entry
- Support for CIS deductions and student loan deductions in tax calculations
- Integration roadmap with accounting software like Xero for seamless data syncing