I've developed an Income Tax Refund Assessment Tool. Need feedback!

[daheff]

I wish to make this the number 1 web resource for PAYE workers who wish to submit their own Income Tax Return.

At the risk of being rude, its just not fit for purpose. it doesn't look professional enough for people to take seriously. And Tax is a serious matter.

I'd suggest take some time to review the online tax calculators that the big 4 produce and take some inspiration from that.

theres plenty of optional items that are not relevant to everybody, but your site forces the user to go through multiple screens with questions about it (eg medical relief, education etc).

i get what you are trying to do, and i think it could be a very valuable resource done right.

 

[Annieindublin]

Agreed re Big 4. And bear in mind every finance act brings revisions and you’ll also need a tax professional to keep you up to speed on this.

Also, have a talk with same tax professional about risks What if your tool directs someone incorrectly? Appropriate disclaimers and warnings need to be in place and maybe you’ll need PII?

 

[Myuser01]

At the risk of being rude, its just not fit for purpose. it doesn't look professional enough for people to take seriously. And Tax is a serious matter.

I'd suggest take some time to review the online tax calculators that the big 4 produce and take some inspiration from that.

theres plenty of optional items that are not relevant to everybody, but your site forces the user to go through multiple screens with questions about it (eg medical relief, education etc).

i get what you are trying to do, and i think it could be a very valuable resource done right.

Thanks.

At the moment we're aimed at students, foreign workers and young professionals. Young people essentially. The branding was chosen to reflect the name 'mytaxhero.ie' as well as the target market.

Primarily we're looking to help this section of society survive the cost of living crisis. Most will use the site for free.

I completely understand your point though. I'm going to rethink the rounded font. I'll do further user testing on this market. I think a more professional approach might be wise.

Feedback much appreciated!

 

[Brendan Burgess]

At the moment we're aimed at students, foreign workers and young professionals.

They will not be using the services of accountants who would be paying referral fees to you!

 

[Myuser01]

Agreed re Big 4. And bear in mind every finance act brings revisions and you’ll also need a tax professional to keep you up to speed on this.

Also, have a talk with same tax professional about risks What if your tool directs someone incorrectly? Appropriate disclaimers and warnings need to be in place and maybe you’ll need PII?

I never thought about PII. Thanks.

I'm a newly registered Tax Agent, so it'd make sense to help users file for refunds if they don't wish to do this themselves.

How does a commission of 15% + VAT sound?

Almost every page on the site has a disclaimer at the top eg. All articles, the tool intro page, the homepage (in the faq)

Agreed. I'll need a tax advisor at some point.

 

[Myuser01]

They will not be using the services of accountants who would be paying referral fees to you!

Agreed, Brendan.

I'll probably go down the Tax Agent route.

 

[faketales]

The site doesn't seem professional, there are grammer mistakes etc.

I understand its aimed at student but it still needs to look slick.

I wouldn't trust the site. I am also not sure about the colours, costume and family man part.

I think you might benefit from taking a step back to come up with a business plan, who is the audience, what are their needs, what is out there, what can I do better?

 

[Myuser01]

The site doesn't seem professional, there are grammer mistakes etc.

I understand its aimed at student but it still needs to look slick.

I wouldn't trust the site. I am also not sure about the colours, costume and family man part.

I think you might benefit from taking a step back to come up with a business plan, who is the audience, what are their needs, what is out there, what can I do better?

Thanks

 

[Annieindublin]

So will it be any different to the existing tax agent?

As far as I understand it if I use one of the current high street agents as well as assisting with the filing they also provide some advice and make sure there are no errors. After that the service depends on what you contract for. But I understand that filing via an agent the tax payer still has responsibility. That makes sense. But if I’m paying an agent I expect more than a conduit, I’m expecting a level of advice and QA. Not sure I’m getting that here as I’m not sure you have any expertise.

I’d be unwilling to pay for a service without seeing details of the relevant expertise, any service. I expect my hairdresser and doctor to have relevant expertise. And for a tax service I want to see qualification evidence. Membership of a relevant professional body.

 

[Myuser01]

So will it be any different to the existing tax agent?

As far as I understand it if I use one of the current high street agents as well as assisting with the filing they also provide some advice and make sure there are no errors. After that the service depends on what you contract for. But I understand that filing via an agent the tax payer still has responsibility. That makes sense. But if I’m paying an agent I expect more than a conduit, I’m expecting a level of advice and QA. Not sure I’m getting that here as I’m not sure you have any expertise.

I’d be unwilling to pay for a service without seeing details of the relevant expertise, any service. I expect my hairdresser and doctor to have relevant expertise. And for a tax service I want to see qualification evidence. Membership of a relevant professional body.

Great points Anne. Thanks.

Essentially what I have a the moment is a Website, not a Web business. The next step is to attract a partner.

I need someone with that little bit of Tax knowledge and who's willing to put in a little money for equity. As long as we can work together and we stay true to the vision of helping. I'm onboard.

The assessment tool, and the income tax refund tutorial are something a little different in this niche. I think with a little TLC this could turn into a business.

If anyone out there is interested, DM me and we'll have a friendly video chat. I have a strategy doc I can share also.

 

[_OkGo_]

Please everyone, be totally honest...

I'll be honest but you probably won't like it

There are tax pros who run paid webinars and charge around €25-35 per guest. Your point-of-view is enlightening though

For a one-to-one session the going rate seems to be around €175

How does a commission of 15% + VAT sound?

You already know what others are charging but you are charging more??

You want to charge employers €250 per employee for a 1:1 session that may result in no refund.

You want to do group sessions at €50/head and €250 minimum just to do a basic share out and Q&A

A quick search and the established companies seem to be charging 10% plus VAT, what added value are you offering for 15%?

At the moment we're aimed at students, foreign workers and young professionals. Young people essentially.

Very few students would be earning enough to pay much tax so are unlikely to be due much in the way of a refund. In fact it's their parents who are more likely to claim the rent credit.

Arbitrarily restricting it to young adults seems strange. If anything there are other cohorts that could benefit even more...eg. couples switching to joint assessment. But why restrict it age at all??

I'm starting a social-enterprise in my spare-time to help young PAYE workers survive the cost of living crisis in Ireland.

This is not a social enterprise, its a normal business. It's no different from switching utilities. Yes the customer gets a financial benefit but they are paying for the service.

Revenue already have a ton of self help guidance on their website and self help videos on YouTube. If you want to have a social impact then you can direct people to these and use social media push the message continuously. What extra DIY help are you giving that's not already available?

 

[Myuser01]

Thanks _OkGO_ all great points!

Many of the companies on Insta and TikTok charge up to 40%. We'd charge a little more than 10% to reflect the fact that many of our users will follow the super-simple tutorial (including screenshots) and file their own return.

Essentially we'll follow the freemium model ie. turn free users into advocates who spread the word. Then monetize the other 10% who'd prefer to let us do the Return for them.

We need to pay the bills but we'll have a societal goal of helping young PAYE workers make ends meet. That's the vision. Also steering them away from the aforementioned companies on Insta & TikTok.

We're not going to exclude anyone, however we'll focus on our target market primarily.

Revenue is definitely making strides in helping PAYE workers file their own Returns. We'd be there to help people who find the Revenue site confusing.

This is really helpful. Thanks.

 

[Annieindublin]

10% of what? Refunds?

You say other companies charge 40% (again of what) but if I have a complex situation and need advice not guidance on completing a form that’s a different service I think.

Most PAYE workers will have simple additional needs, pension, mortgage, rent, medical and dental expenses. Is that where you envisage assisting?

So €200 in medical bills, refund of €40, you get €4?

 

[Annieindublin]

Just curious about the mechanics of this. If I use an income tax calculator tool to assist me figure out what to claim and how I still have to make the claim myself and the refund hits my bank account. Not sure how you collect your fee from me.

 

[Myuser01]

Just curious about the mechanics of this. If I use an income tax calculator tool to assist me figure out what to claim and how I still have to make the claim myself and the refund hits my bank account. Not sure how you collect your fee from me.

Thanks

Essentially Anne, our primary mission is to to help. If you do everything yourself using our super-easy tutorials we don't collect any fee.

So where's the business model? I'm betting you'll tell 5 of your friends, who'll tell five of their friends etc.

We'll capture mindshare; then cream off the 1 in 10 users who don't have the time, the inclination or the need to learn how to file for their own tax return. It's a numbers game.

If we can capture mindshare through word-of-mouth marketing ie. free marketing. There'll be endless revenue channels eg. Tax Return commissions, employee workshops, tax advisor referrals, affiliate advertising and on and on...

This week I'm launching the Rent Tax Credit Guide. Everyone keeps telling me how theyve been told that its really difficult to file for this credit. I'm going to demystify the process.

I won't have an endless amount of time for this project without some sort of funding / equity partner though unfortunately.

Start with the customer; then work your way backwards!

 

[T McGibney]

This week I'm launching the Rent Tax Credit Guide. Everyone keeps telling me how theyve been told that its really difficult to file for this credit. I'm going to demystify the process.

It is indeed really difficult, but there's no mystery involved. A child could list all that has to be included in a claim. It's just that the list is very long and cumbersome, as if it was purposely designed to deter people from claiming it. As an accountant, I find it a total pain.

 

[Myuser01]

10% of what? Refunds?

You say other companies charge 40% (again of what) but if I have a complex situation and need advice not guidance on completing a form that’s a different service I think.

Most PAYE workers will have simple additional needs, pension, mortgage, rent, medical and dental expenses. Is that where you envisage assisting?

So €200 in medical bills, refund of €40, you get €4?

Could happen.

There's a lot of money in this space though. This is an issue all Tax Agents and the real Tax pros deal with regularly id imagine.

 

[Myuser01]

It is indeed really difficult, but there's no mystery involved. A child could list all that has to be included in a claim. It's just that the list is very long and cumbersome, as if it was purposely designed to deter people from claiming it. As an accountant, I find it a total pain.

Thanks.

I'd love to pick your brains on this

ATM I've created a screenshot tutorial on the actual process of filing for this credit. I've also studied the Revenue website on the subject in depth and i've turned the qualifying process into a decision tree chart. Which is now a pdf. This took me a good few hours.

I'll post this pdf later today. I'd love to get feedback from the pros?

 

[T McGibney]

Thanks.

I'd love to pick your brains on this

ATM I've created a screenshot tutorial on the actual process of filing for this credit. I've also studied the Revenue website on the subject in depth and i've turned the qualifying process into a decision tree chart. Which is now a pdf. This took me a good few hours.

I'll post this pdf later today. I'd love to get feedback from the pros?

Sorry I don't think I have the mental energy for it.

All I know is that between boxes you have to tick and details you have to enter, there are 19 pieces of information you must go through before filing a valid claim.

The corresponding number for a valid health expenses claim is 1.

 

[Myuser01]

Sorry I don't think I have the mental energy for it.

All I know is that between boxes you have to tick and details you have to enter, there are 19 pieces of information you must go through before filing a valid claim.

The corresponding number for a valid health expenses claim is 1.

Must the infamous numbers block i've heard about. The accountants version of writer's block. Lol.

Anyway, I'm sure someone out there could glance at it and give me a thumbs up or down. I'll post in a while.