Genovo Suitability Report 2022-23 Tax Year Updates

Team Genovo

As always, Genovo has been updated to reflect all changes to allowances, tax rates and reliefs in readiness for the 2022-23 tax year.

However, let’s be honest, with the exception of the increase to National Insurance contributions (as a precursor to the forthcoming Health and Social Care levy) and the associated increase to dividend taxation, there hasn’t been a lot of change as virtually all other allowances, tax rates and reliefs were frozen in the 2021 Budget (albeit with a few unexpected rabbits pulled out of the hat at the last minute in the recent Spring Statement).

Therefore, rather than resting on our laurels, we thought we’d take the opportunity to review the content of all the product and technical notes that are automatically inserted into the appendix of the report when you create a suitability, review or top-up / bed & ISA report in Genovo to see if we could improve them by making them:

• More reader-friendly and engaging for their intended audience.
• Clearer, more concise and less jargonistic.
• More consistent in terms of their format and the language used.

For some, this has resulted in minor tweaks to the content, for others, such as the Technical Information – Pension Benefits it has resulted in wholesale changes to the structure, content and format.

We’ve even created some new product and technical notes including a brand new retirement interest-only mortgage product note, as well as a Trusts technical note that will be automatically inserted into the report whenever a report is written to a trust client, or a recommendation is made to place a plan into trust.

Let us know what you think

We hope you like what we’ve done. As always, if you’ve got any suggestions – no matter how big or small – as to how we can improve Genovo, or there’s a new feature or technical note you’d like to see added, we’d love to hear from you. Send us a message with your thoughts and we promise we’ll get back to you.

Summary of updates and enhancements

Here’s a summary of all the updates that have been applied to the Genovo suitability report app in readiness for the 2022-23 tax year.

Report Content Manager

Report Type(s)	Section(s)	Snippet Name	Update / Enhancement
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Product Information	All snippets	The content has been reviewed and updated.
Suitability Report	Appendix - Product Information	Retirement Interest-only Mortgage	This is a new snippet that will be automatically triggered when Retirement interest-only is selected as the Repayment Method in the Mortgage Recommendation section.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Technical Notes	All snippets	The content has been reviewed and updated.
Suitability Report Review Report 2.0 Top-up / Bed & ISA	Appendix - Technical Notes	Trusts	This is a new snippet that will be automatically triggered when a trust client is selected, or a recommendation is made to place a plan into trust.
Suitability Report	Appendix - Glossary of Terms	Trusts	The content has been reviewed and enhanced.
Suitability Report	Mortgage Recommendation	Recommended Mortgage Details Help to buy: Equity loan Help to buy: Shared ownership Tax on Property Purchase Mortgage Offer Mortgage Offer (Buy to Let)	The content has been reviewed and enhanced.

Please remember the changes we make to the report template will only take effect in your reports automatically if the Genovo version of the snippet is selected as active in your Report Content Manager (it is by default).  For more information about the Report Content Manager and updating of snippets check out this video tutorial.

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