London, May 15th, 2006, Exchange Data International (EDI), the premier provider of high-quality, accurate international securities data, has launched EDI UK Tax, a cost-effective data feed designed to complement tax return software. Using EDI’s UK Tax, accountants and other tax professionals will save time, reduce errors and ultimately decrease the cost of preparing individual investor tax returns.
Accountants, legal professionals and stockbrokers need to collect a variety of vital information for tax-reporting purposes. Without up-to-date information on dividends, capital changes, name changes and so on, filings may be incorrect.
To date, gathering all the necessary data from a myriad of sources has been enormously time-consuming. Often, they rely on their clients to provide information related to their share portfolio, or they purchase a book service, which is expensive and cumbersome. In either case, data has to be entered into the system manually, which introduces potential for error. A more practical way is to subscribe to an automatic data feed, but most products on the market are too expensive for many users.
EDI UK Tax resolves this issue by making all the data available from a single, easily accessible, affordable source. Data items on all UK quoted stocks, including those listed on the Alternative Investment Market, UK authorized Unit Trusts and Open Ended Investment Companies are delivered directly to your system via a secure Internet connection. Coverage extends to more than 13,000 securities and 2,000 funds run by around 130 management companies.
There is no need to make time-consuming calls to check on gross and net dividend rates, tax credits, ex-dividend and payable dates because all of these are provided automatically. Users can obtain Group 1, 2 and equalization figures for Unit Trusts and Open Ended Investment Companies. In addition, they can search by industry standard security identifiers such as SEDOL™ or ISIN. What’s more, update frequencies can be monthly, quarterly or year-end annual delivery.
“There is no doubt that users will benefit from the vast amount of information delivered directly to the desktop through a browser connection or data feed,” says Jonathan Bloch, CEO of Exchange Data International. “EDI’s new UK Tax product will increase back-office productivity by providing quality data in a timely manner through a user-friendly Internet application.”