Personal Tax Automation Tool - Powered by FD Intelligence

How does the personal tax tool work?

When income documents arrive via the accounting firm’s inbox or portal, the system automatically downloads the document to a secure processing centre. Reading from single PDFs or multiple attachments, it then classifies each document, checking for income types such as employment income, bank interest, investment income, pensions, or capital gains. Based on its development and training on thousands of similar documents, the tool can recognise a P11D or bank statement, for example. It can even spot information in unstructured data such as emails where a client has written a few lines about dividends, bank interest, or charity donations.

The system then creates a bookmarked PDF working paper for the tax adviser. Once it has downloaded and classified the information, the tool extracts the relevant tax data and presents it back to the tax adviser in a workflow tool for review and approval It then presents a confidence rating on each data extraction, showing that, for example, based on its training it is 99% confident the data is correct. Tax advisers can interact with the tool, checking its work and answering any queries it may have, and it also learns from adjustments made by tax advisers to improve for the future.

The data is then validated against any appropriate business rules, after which the system opens the client’s file in CCH Personal Tax and enters the data into their tax return ensuring existing tax sources from previous years are updated or creating new lines where necessary. Once the tax adviser has checked and approved the return, it is filed with HMRC, which can either be done by the tool or the tax adviser.