By sending your financial data to the TaxLevel platform, you can take advantage of a high degree of automation in preparing tax reports.
All available data is used to carry out checks and identify any errors or inconsistencies. If, for example, starting and/or closing balances can be sent for the target date, then a consistency check will automatically be carried out on all transactions and balances. If available, all cash transactions can also be traced and automatically checked against the balances.
As far as possible, all mapping is carried out automatically using available codes such as ISIN, securities numbers, internal identifiers (codes), etc. This means that the best use can be made of existing master data and values, and manual data entry is reduced.
Automatic currency conversion
The original currency of the various transactions often does not match the target currency for the end product. The available ECB exchange rates (ECB = European Central Bank) for all common currencies are used to convert amounts into the required target currency automatically. If an exchange rate is missing, simply enter the corresponding rate for converting into the base currency, the euro. Then the conversion into any target currency will take place automatically.
For all breakdown levels of the report, a summary is produced automatically on the cover sheet. Any figures which are not available or could not be calculated can be easily seen on this summary or are marked accordingly.
TaxLevel provides also a web platform that makes processing customer instructions simple and straightforward. When it comes to processing tax data we are operating in an extremely dynamic environment and our solution enables us to react promptly to it – we deliver quick and comprehensive results!
By (partially) outsourcing your tax service to the TaxLevel web platform, you are putting yourself in an ideal position to respond quickly and individually to your customers’ needs. TaxLevel can also be used as a online platform for sharing or forwarding information and/or end products within your business processes.
The architecture of the TaxLevel solution allows for a great deal of flexibility in the configuration of the end product. In addition to the standard parameters for ordering, the end product can be further individualised to meet customer needs:
- Breakdown of income by country
- Breakdown of capital gains by asset type
- The breakdown can be freely defined over two stages based on existing fundamental data such as asset types, currencies, countries, sectors etc.
Example: Breakdown at level 1 by region (Europe, Asia, etc.) and at Level 2 by country, or currencies that go together (e.g. GBP, GBP or CNY, CNH) can be put together into currency groups (Level 1) and then broken down by currency at Level 2.
- Predefined breakdown levels can be used
Report structure/level of detail
The standard report has the following areas:
- Capital gains and losses
- Charges and commission
Other report areas can be added:
- Asset report (fair-value positions)
- Position details per account/security
- Transaction details
- Other specific reports and forms
- PDF (Portable Document Format)
- Excel (Microsoft .xlsx)
- CSV (Comma-separated Values – text file)
- XML (Extensible Markup Language – text file)
- Other formats available on request
- Anonymous white label report (no customer data, company name, logo, etc.)
- Customised logo
- Company name and address
- Customer name, other customer details
- Customer adviser
- Cover sheet/letter
The financial data that is provided to TaxLevel by the customer in order to prepare the required end result is made available in anonymous form. The ContainerID that is required to identify a customer is also “fake”, i.e. it does not correspond to any actual (bank) customer number. One or more instructions can be given on the basis of data that is sent once. In TaxLevel, this is done in the form of orders (e.g. ordering the same report in different report currencies).
Scope of data
TaxLevel always requires your full data history in order to work out the result. One possible approach is for the customer to provide their complete data history each time a report is ordered. Alternatively, this is only done initially and for subsequent tax periods the customer only supplies TaxLevel with delta data (incremental changes).
Degree of detail in the data
You can see from the Excel template provided by TaxLevel which data is required to be delivered. There is also other data which it makes sense to send in order, for example, to improve the quality of a report:
- Transaction data is essential, and the more detail the better. The amounts of interest, tax and charges should be shown separately.
- Sending the starting and/or closing balances for the target date, which is optional, allows an automatic consistency check to be carried out on the transactions and balances.
- Sending details of cash transactions, which is optional, enables balances to be checked automatically.
- Sending a unique identifier for financial instruments (e.g. ISIN, securities number) is essential. For widely known or traded securities, we can normally find the necessary details. Otherwise we will ask you to send more details.
- Details of special transaction types are also essential.
Data is not always provided in the required degree of detail from the start, or it may even be incorrect or irrelevant for a particular purpose. Corporate actions, in particular, have to be assessed very differently depending on the purpose. With TaxLevel it is possible to make these specific adjustments just once at transaction level. Even if this data is reused later, the adjustments are automatically applied again, depending on the purpose.. It is clear at all times which adjustment was made by whom, when and for which purpose. The original data always remains unchanged and it is entirely transparent which adjustments have been applied.
We at TaxLevel see ourselves as providers of technical services and solutions. Thanks to our contacts, we can offer complete packages for certain countries by working with tax experts in those countries.
In order to provide tax compliance services for private individuals or legal entities, you need the expertise of proven tax experts. Please contact us if you have a specific enquiry about this, and we will be pleased to help.
It can often make sense to carry out an assessment of your financial situation with a view to the potential for tax optimisation even before the end of a tax period.
Realised and unrealised gains and losses
When it comes to the method of calculating gains and losses, TaxLevel offers the option of showing realised and unrealised gains and losses. This method shows realised and unrealised gains and losses separately. The unrealised gains and losses are calculated on the basis of fair-value positions which means that they can be used for tax planning and optimisation during the ongoing tax period.
Please see also the explanations under Generic tax report.
TaxLevel’s aim is to provide efficient and effective support for its users. In most cases, the end product prepared by TaxLevel is used for tax purposes, but this does not have to be the case.
Report types – country-specific or generic
In addition to country-specific tax reports which, if the customer wishes, can be checked by a competent tax expert, TaxLevel also offers individually configurable reports. On the basis of a generic tax report, an end product can be provided which meets country-specific requirements. This in turn can be used as the basis for checking and further processing by an expert, or for transferring the data directly into the tax return for the target country.
Specific forms or country-specific packages
In addition to tax reports, TaxLevel also offers forms (e.g. for reclaims) and preconfigured report packages for specific countries.
TaxLevel automatically supplies various additional and auxiliary reports together with the requested end product. This means that you can, for example, see the individual items and balances in detail or check the gains and losses calculation.
If the data that is supplied leads to errors or inconsistencies being found at any stage of processing, these are listed in detailed error reports. The reports will indicate, for example, any specific data that is missing, or will explain the inconsistencies and refer to the relevant original data, so that this can be quickly corrected or supplemented.
TaxLevel has a web platform for processing orders, exchanging documents and accessing data.
A company is able, through the optional use of this service, to handle the customer orders directly. The end customer can be provided with their own web access.
By using the web platform, amongst others, the following benefits are achieved:
- Automated processing of orders
- Direct, electronic reference of the prepared reports and forms (Elimination of the postal route)
- Possibility of individual or additional report orders by the end customer
- Electronic archive of all processed documents
- Interactive graphical presentation of the financial data – retrievable at any time directly by the end customer
TaxLevel also offers the web platform as a white label solution. By adapting your web presence to your corporate design, the TaxLevel services are presented as an integral part of your corporate presence.
For Private Persons
You can register directly via the TaxLevel website. By filling in the order form and uploading the Excel template enriched with the required data, you are triggering the process for creating a tax report. The entire process, up to the final product, is handled via e-mail and via the TaxLevel Web platform.
Report Configuration- and Control-Parameters
In the standard procedure, capital gains and losses are calculated on a net costs basis. This means that all secondary transaction costs, such as brokerage fees, stamp duty, stock exchange fees etc., as well as accrued interest that is paid or received, are included in the calculation.
- Accrued interest shown separately
The accrued interest that is paid or received is separated out from the total acquisition and selling costs and shown separately in the Income section of the report.
- Gross basis
The calculation of gains and losses is based on gross prices, i.e. excluding secondary transaction costs.
Many transactions involve different dates: booking date, date of execution, value date, etc. Depending on the ultimate purpose, different dates may be relevant. For example, when reconciling data with a banking system, you need the booking date, but when processing data for a particular report, it is the value date or date of execution. All the relevant dates can be entered into the TaxLevel system.
- Only when the report is being prepared can it be established which date is relevant.
- The standard procedure is for reports to be prepared on the basis of value dates.
The method of calculating gains and losses can be defined in the TaxLevel system for each report or end product.
The following alternatives are available:
- Realised gains and losses (standard setting)
For this, only the relevant transactions relating to inflows and outflows are required.
- Realised and unrealised gains and losses since the start
For this, the fair-value closing positions at the end of the reporting period are also required.
- Realised and unrealised gains and losses during the reporting period
For this, not only are the fair-value closing positions at the end of the reporting period required but also the fair-value positions at the start of the reporting period.
- Income only
Only the incomes will be listed (Dividends, Coupons, etc.).
In the standard procedure, realised gains and losses are calculated and shown.
In the standard report, all capital gains and losses are shown together.
- Divided into short-term and long-term capital gains and losses, e.g. during the year and across several years.
This alternative is used, for example, for US tax reports.
- Further division based on individually definable time periods is also possible if required.
The TaxLevel system allows reports and end products to be prepared in any currency of your choice. The conversion from the original currency to the report currency is carried out as standard using the reference exchange rates published daily by the ECB (European Central Bank). These rates are updated every working day at 15:00 hrs CET (from 01.07.2016 at 16:00 hrs CET). They are based on a daily process of concertation between central banks across Europe and worldwide. This normally occurs at 14:15 hrs CET.
The currencies in the table below are available as standard. For most currencies, the exchange rates from 04.01.1999 to the present day are available. For certain currencies the availability of exchange rates is more limited. For those cases, the limited availability can be seen in the table below.
|Currency||available since||available until|
For every report or end product, the relevant time period must be defined, the so-called reporting period. The TaxLevel system allows reporting periods to be freely defined.
The standard reporting period corresponds to the calendar year, i.e. 1.1. – 31.12.YYYY.
The following alternatives are also available:
- UK fiscal year: 6.4.YYYY – 5.4.YYYY
- Any other period less than or more than a year
In order to be able to calculate gains and losses where there have been several inflows and outflows, an inventory valuation method must be defined. This specifies which inflows are used to calculate gains and losses in the case of an outflow.
In practice there are various different inventory valuation methods.
The two most common methods are
- FiFo – First in First out
The holdings that were acquired first are recorded as sold first.
This method results in holding periods that are as long as possible.
- Weighted average – weighted average method
This calculates the average acquisition price, with the prices for the individual inflows being weighted according to their volume.
There are also a number of other methods
- LiFo – Last in First out
The most recently acquired holdings are recorded as sold first.
This method results in holding periods that are as short as possible.
- LoFo – Lowest in First out
The holdings with the lowest acquisition costs are recorded as sold first.
This method has the effect of maximising gains and minimising losses.
- HiFo – Highest in First out
The holdings with the highest acquisition costs are recorded as sold first.
This method has the effect of minimising gains and maximising losses.
TaxLevel provides you with an Excel form for entering and transferring your financial data. You can send us the data for producing more than one end result on the same form. All the details that TaxLevel requires to produce the report you need can be entered in the form directly.
The TaxLevel platform has interfaces for connecting to banking systems. The architecture of TaxLevel also enables new delivery systems to be connected at a reasonable cost.
Currently we offer interfaces to the following core-banking systems:
- Finnova (INSA-Interface)
Just contact us to talk about your requirements for bulk processing of reports.
Report Types - Country Specific
Swiss tax report as the basis for completing your tax return. Available in German, French and Italian.
Form 85 is a request for a refund of Swiss withholding tax for eligible taxpayers resident in Germany. The Swiss Federal Tax Administration (ESTV) makes the application forms for people resident abroad available digitally on their website.
If you use the TaxLevel service to produce your schedule of income, it may make sense for us also to prepare this application form for you. We are already in possession of the necessary transaction data and so can use it to fill in the digital form. A refund request is always issued for one tax year. It must be completed by you in person and submitted to the Swiss Federal Tax Administration in Bern.
Schedule of income, checked by tax experts, for taxpayers in Germany, in EUR and in German
Auxiliary report package for taxpayers in the USA, prepared using the FiFo or LiFo method as preferred, in USD and in English. It shows short-term and long-term capital gains. The inventory valuation method, the method of calculating gains and losses and your preferred reporting period can all be defined when ordering the report.
You will receive:
- Report showing the gains and losses calculation (PDF format)
- Report showing position details (PDF format)
Report Types - International
Configure the tax report to meet your needs. Due to its parameterizability, this report can be used as a basis for calculating tax data for many countries.
- Define one of the available report currencies
- Determine the report language, English and German are available
- Select the inventory valuation method
- And one of the available methods for calculating gains and losses
- Define the reporting period for which the report is to be produced
Thanks to the many features of the system, it is also ideal for producing mid-year ad hoc reports.