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The next phase of FATCA – the UK and beyond

So the FATCA deadline has come and gone and everything has gone surprisingly quiet.

Now attention will (or should) be turning to the next phase of FATCA reporting requirements – UK FATCA. Financial institutions in Jersey, Guernsey and the Isle of Man (the Crown Dependencies) and the Overseas Territories of Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Montserrat and the Turks and Caicos Islands (the Overseas Territories) will automatically provide information relating to the financial affairs of UK resident clients in respect of 2014 onwards.

The deadline for providing information (relating to 2014 and 2015) on reportable accounts to the Tax Department is 31 June 2016, via Guernsey’s submission portal IGOR (Information Gateway Online Reporting). The Tax Department will then have to exchange information with HMRC by 30 September 2016. (In respect of 2016 onwards, the information will be exchanged 30 September following the end of the calendar year in question and companies will provide the information on reportable accounts to their the Tax Department by 31 June following the end of the calendar year in question.)

June 2016 might sound way off, but we all know these deadlines approach with alarming speed so the sooner ducks are placed firmly in rows the better.

Our reporting software solution to help businesses with their FATCA reporting requirements – Financial Reporting Utility (FRU) – has been well received by clients and we are now busy adapting it to accommodate UK FATCA requirements in good time for next year’s reporting deadline. The system can either import from an Excel template or be integrated with existing systems commonly used across fiduciary, banking and other financial institutions. It is also adaptable to cover other reporting regimes that are on the horizon such as the Common Reporting Standard.

Our concept was to create a modern, standards-based system that is easy to use and intuitive to navigate. With the ever-changing regulatory environment, we saw a demand for a customisable product that could be integrated with existing platforms. Reporting requirements are becoming increasingly complex – recording and outputting data in the right format using multiple spreadsheets is no longer a tractable option.

WE WOULD WELCOME YOUR HELP

At this stage, we would love to get feedback direct from the industry in relating to our next stage of software development. What difficulties have you faced with your chosen FATCA reporting vehicle? What would you do different next time around? What worked well for you?

We know that our current FATCA solution works but we would welcome input from ‘end-users’ as we fine tune the detail of the next phase. Just email Justin at Donkeylogic Limited on justin@donkeylogic.com or call us on 01481 252222. We would love to have a chat and we promise no hard sell!

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