Tax Torch, a new cloud-based personal tax planning software, is set to enhance the way UK accounting firms manage their clients' tax planning needs. Founded by accountants Robert Davidson, Nicole Christie, and Steven Barr, Tax Torch aims to simplify and improve the bespoke tax planning process for accounting firms and their clients.

Tax Torch addresses a critical need in the accounting industry by providing an automated solution to the manual, time-consuming, and often incomplete process of personal tax planning. Traditionally, accountants have relied on complex spreadsheets or avoided offering bespoke tax planning services. Tax Torch changes this by centralising clients' personal, financial, and business goals in one place, allowing accountants to quickly and accurately build personalised tax scenarios.

Tax Torch eliminates the need to sift through emails and client records and chase other team members for information, ensuring all relevant data is readily accessible. The software also includes a Salary vs. Dividend Calculator, enabling accountants to calculate their clients’ optimum tax position quickly and accurately. By providing reliable data, accountants can confidently and precisely deliver bespoke tax planning advice.

Additionally, Tax Torch's Scenario Planning feature allows accountants to compare their client's tax positions under different scenarios and see the impact in real-time. This feature removes the need for complex spreadsheet formulas, enabling accountants to create custom scenarios with just a few clicks. These features collectively ensure that accounting firms can provide high-quality, personalised tax advice efficiently, enhancing the service they offer to their clients.

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"At Tax Torch, we are committed to transforming how accountants approach personal tax planning. Our software is designed to simplify the complex and time-consuming process of creating bespoke tax plans, allowing accountants to provide high-quality, personalised advice to their clients quickly and accurately. We are excited to see how Tax Torch will improve the industry and elevate the standard of tax planning," said Robert Davidson, Co-Founder of Tax Torch.

Tax Torch will open for beta testing in September, with a full launch planned for October. Accounting firms interested in improving their tax planning services are encouraged to join the waiting list today to be among the first to experience the benefits of Tax Torch.