DIVIDEND DATA FEED
The dividend calculator technology allows you to work in one of two ways:
Clients with Complex Share Holdings
You can create a transactional record of the movements within the share holding in question. The dividend calculator module will then calculate the amount of dividends received based upon the holding at the ex-dividend dates. Additional shares acquired via DRIP schemes are automatically included in the holding 'count' for the next ex-dividend date. CGT acquisition costs of DRIP shares are calculated automatically.
Clients with Static Holdings
Simply enter the number of shares held at the beginning of the tax year and the module will base the calculation upon the brought forward holding.
In both of the above cases, the module will automatically update and roll forward the correct number of shares as the opening balance in the following tax year.
The advantage of this technology is that by using the module to create the schedule of dividend income, the user's role is reduced to that of auditing the result. This saves significant time and reduces error. So, it is a powerful ally in your risk management strategy.
The full Dividend Data Feed contains thousands of additional UK listed Equity and Managed Fund data records. It even contains a large selection of Managed Funds that pay 'interest' as opposed to a 'dividend'. By substantially extending the range of equities and managed funds available to the dividend calculator module, the full Dividend Data Feed transforms the speed and accuracy with which your practice processes client dividend information.
There is one final major benefit in using the Dividend Data Feed to power the Digita Personal Tax dividend calculator. Changes in the share holding will be highlighted in our unique 'Client Review' tool, drawing your attention to potentially overlooked capital gains tax events.
Feed data
The feed contains details of the full FTSE equity dividends, well known unit trust and Open Ended Investment Company (OEICs) managers. Approximately 2900 companies and 4200 managed funds are provided.
Calculations
Where the share acquisition history is known, Digita Personal Tax can calculate full capital gains acquisition costs for equities acquired via stock and DRIP schemes. The date and acquisition cost are calculated automatically for unit trusts and OEICs.
For more information visit our Personal Tax Software page.