/Platforms/Investments

Excess reportable income: borrowed time

You only think you don't care about ERI reporting - any client who wants or needs access to offshore funds, or any thought a discretionary manager you may partner with may have of using offshore funds is affected by this issue. 

You only think you don’t care about ERI reporting – any client who wants or needs access to offshore funds, or any thought a discretionary manager you may partner with may have of using offshore funds is affected by this issue. 

Download the report here.

Looking for proof? Data released by HMRC, and reported by the Financial Times in September, states that nearly 24,000 nudge letters were sent in 2022/2023 tax year, an increase of 31% on the previous year. So clearly HMRC is beginning to flex its newfound muscles. HMRC also claims to have recovered £526m in tax receipts from offshore initiatives since 2019.

We believe this issue needs raising up the agenda. Otherwise we risk seeing more investors being hit with unexpected investigations and eye-watering fines. We also risk the broader reputational damage to investing, and in particular offshore investing.

That’s why like it or not, the sector has a collective responsibility to ensure investors, their accountants or their tax advisers have the correct information to guarantee that returns are accurate, but frankly – as a sector we’re not doing this well enough today to protect investors.

The report is free to download thanks to the generosity of FSL.

/ Additional reports

State of the advice nation

State of the Advice Nation is the UK’s best insight into the UK advice profession, taking a sentiment-led approach to data. Wave 6 is now available.

The meaning of value

The meaning of value

We’ve worked together with Royal London to understand what customers actually value.

Impact of poor service

/ White papers

The Impact of Poor Service

We provided the research for a report, in conjunction with Parmenion, which reveals how far short of expectations many adviser platforms are falling. The research found that over the last 12 months, 88% of advisers needed to apologise to at least one of their clients on behalf of a platform, and that poor service delivery from platforms impacts 91% of advisers every day.

Impact of poor service

/ White papers

The Impact of Poor Platform Service

We provided the research for a report, in conjunction with Parmenion, which reveals how far short of expectations many adviser platforms are falling. The research found that over the last 12 months, 88% of advisers needed to apologise to at least one of their clients on behalf of a platform, and that poor service delivery from platforms impacts 91% of advisers every day.

/ White papers

Answering the Call

Service means a lot of things to a lot of different people. It’s so subjective it can be hard to put your finger on. This paper aims to challenge the status quo and inertia that’s built up in the sector for many years.