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Pension tax breach feature for Cashcalc

3 February 2020

Cashflow planning software provider CashCalc is set to introduce a new tax feature to its cashflow modeller, which will tell advisers when their clients are at risk of breaching pension allowances.

The new function allows advisers to start accounting for tax rates and thresholds and will notify them when clients are close to breaching the lifetime allowance and money purchase annual allowance.

The lifetime allowance, currently set at £1,055,000, is the limit on the amount of pension benefit that can be drawn from pension schemes without triggering an extra tax charge. Meanwhile, the Money Purchase Annual Allowance, the amount that can be paid back into money purchase arrangements in one year without a tax charge applying, is £4,000.

CashCalc said its decision to introduce the tax feature was driven by feedback from its users over the course of 2019.

In addition, the software provider is developing a new client-facing portal, which it expects to launch within the first quarter of this year. The portal will initially contain the company’s Fact Find, which was recently upgraded, and is continuing to be developed to allow clients to add frequencies to incomes and expenses, indicate essential or discretionary expenses, plus automatically identify financial objectives based upon the data they enter.

Cashcalc is also looking to improve its integrations to prevent advisers having to enter key data twice and streamline the financial planning processes.

Ray Adams, director, CashCalc, said: “I’ve always been of the mindset that technology should help advisers deliver their advice, not dictate to them what to do or how to do it. Our plan for 2020 is targeted towards exactly that and I am pleased we have been able to share with everyone what we have in store for the coming year.”

Professional Paraplanner