Truth Software Release Notes 2021

The rate of National Insurance has been increased by 1.25% exclusively for the 2022/23 tax year.

The rates of taxation on Dividend Income have been increased by 1.25% from the 2022/23 tax year

The newly announced Health & Social Care Levy (HSCL) has been applied from the 2023/24 tax year.  All these charts and table can be viewed in today’s or actual terms.

Truth About Money® (TAM) branded onboarding portal available now!

• Your FREE, white-labelled consumer cashflow tool Truth About Money® (TAM) is live!
• Give clients and visitors a snapshot of their cashflow and a taster of what real financial planning can offer them.
• Use TAM as your custom cashflow onboarding site.
• Send out unique links to prospective customers as part of your marketing
• Quickly gather high-level figures on clients before an initial meeting or as part of your onboarding process.

Let’s get started…

Just head over to the File menu in Truth® and you will now find the TAM options waiting there for you.

The interface is really intuitive, simple, and straightforward.

Tweak the brand identity for your custom portal with ease directly from Truth.

Live preview shows exactly how your chosen colours and logos will look on your site.

Watch the prospects roll in…

Clients and prospects can log in to your site and create their own simple cashflows.  When they’re done, they can choose to share their data with you.
You’ll receive an email telling you a new lead is waiting for you in Truth and showing their key details.  When you log in to Truth, they’ll be right there waiting for you to start planning!

Live Reporting & MI

Access up-to-the-minute reporting and analysis on visits, sign-ups, and logins.
View live analysis of the ages, assets, and income bands of leads from your personalised Truth About Money site.

Budget Update 2021

All the relevant changes in the recent budget announcement have been implemented.

We’ve highlighted some of headline changes below.

Lifetime Allowance (LTA) Frozen

The LTA has been frozen up to and including 2025/26. The Pension Statement will show this on the crystallisations chart and table, for those clients that crystalise pension funds during this period, as shown below:

Pension statement showing the LTA Frozen on the Crystallisation chart

Pension Statement showing the LTA Frozen on the Crystallisation table

Personal Allowance (PA), Income Tax Bands & National Insurance (NI) Frozen

PA, Income Tax bands and NI have been frozen up to and including 2025/26 (with the exception of Income Tax bands for those subjected to the Scottish Rate of Income Tax (SRIT)).

Historically, the Income Statement has been displayed exclusively in today’s terms.  This is so the value of money received in the future is more relatable to that of today during planning meetings. However, with PA, Income tax bands and NI frozen scrolling up the Income Statement through the next 5 years, they would all appear to reduce in today’s terms (where inflation > 0%), and rise with inflation again after this period.

So that you can check and make sense of these figures, you can now toggle the income Statement between Today’s & Actual terms.

Income Statement – Income Tax summary showing today’s terms in 2 years’ time

Income Statement – Income Tax summary showing actual terms in 2 years’ time

Income Statement – showing today’s terms in 2 years’ time and lifelong Income Chart

Income Statement – showing actual terms in 2 years’ time and lifelong Income Chart