Alphalife is a comprehensive software solution with advanced levels of automation and technology allowing organisations of all sizes manage their life tax computations. Having both life and non-life capabilities, Alphalife provides an exceptional tool to support you during all phases of the compliance cycle.
The application incorporates the following features:
- Two categories of business: BLAGAB and Non-BLAGAB
- Profit before tax in the statutory accounts as a starting point for the trade profits computations (BLAGAB and Non-BLAGAB)
- Transitional deemed receipts/expenses calculation (BLAGAB and Non-BLAGAB)
- I minus E computation based on BLAGAB only
- Minimum profits test, associated comparison between I minus E and BLAGAB trade profits
- Adjusted BLAGAB management expenses calculation including acquisition expenses spreading adjustment
- Chargeable gains calculation including section 212 TCGA 1992 unit trust deemed gains
- Long-term business fixed capital calculations treated on a similar basis to an investment company
- Deferred acquisition costs tracking and adjustments
- Flexible approach to non-linked income allowing categories of business allocation to be based on an acceptable commercial method as agreed between the company and their HMRC CRM.
- Iterative calculations of policyholder tax
- Updated tax provisioning and deferred tax calculations including policyholder deferred tax
- It supports all type of life assurance business including proprietary, mutual and composite companies.
Alphalife enables a seamless integration of tax data from multiple sources with the user-friendly integration tool. This provides an efficient automated data collection process for the tax professional which reduces resource time and minimises the risks involved. This function eliminates the need for a specialist technician to be involved with the data gathering process.
Accounting & Forecasting
The built in Tax Accounting Function within Alphalife simplifies the calculation of a company’s tax provisions and helps better manage the entire end-to-end process. It is a fully automated process which produces the tax provisions and is fully compliant under FRS 101. FRS 102 and IFRS. The software ensures that for a company’s year-end accounts, full current and deferred tax disclosures are included.