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.