How Clearbell Uses Loctax to Gain Global Compliance Oversight and Avoid Penalties for Missed Filings

Clearbell's Challenge

Clearbell, a private equity fund manager, relies heavily on a large number of external advisors and operating partners who are separate from them. Each of these third parties have their own manual processes, spreadsheets, and other sources to keep track of their returns. Without regular check-ins via emails and calls, Clearbell has little day-to-day oversight and increases the risk of missed filings to the tax authorities. This situation was frustrating and highlighted the need for a tax compliance and data intelligence platform like Loctax.

Gaining Global Compliance Oversight

Loctax has been instrumental for Clearbell in providing greater oversight and accountability. The compliance dashboards and downloadable reports allow the team to track progress easily, not just for the tax team but also for the CFO, without having to contact each advisor individually for updates. This centralisation has significantly reduced the risk of missed filings and penalties.

Effective Collaboration with Internal and External Stakeholders

Clearbell started using Loctax in August 2023, beginning with uploading entity information and focusing on key processes like VAT, CIS, and corporation tax. With over a hundred entities in their structures, having all relevant information (e.g., VAT numbers, UTRs) centrally available on Loctax has been incredibly helpful. It saves time for everyone involved, as they can access necessary information directly rather than waiting for a response.

Flexibility and Customisation Compared to Big Four Solutions

Loctax stands out from other tax data intelligence and compliance tools, including those provided by the Big Four due to its flexibility and customisation options. Clearbell can create their own user roles and set up processes tailored to their needs, unlike the more restrictive templates and user roles offered by other providers. This flexibility is crucial for managing various advisors and ensuring they have appropriate access without compromising security.

Staying in Control During Organisational Changes

Loctax allows Clearbell to update processes in real time, accommodating changes like acquiring new companies, disposing of entities, or changing advisors. This adaptability ensures that their compliance processes remain relevant and up-to-date. The audit trail feature provides an easy reference for tracking progress and identifying bottlenecks, enhancing overall efficiency.

Support from Loctax's Customer Success Team

The customer success team at Loctax has been extremely helpful with onboarding and managing changes for Clearbell. They are responsive to feedback and continuously look to improve the platform. For example, they added a distinct shape for unit trusts in the structure chart upon Clearbell's request, a feature particularly useful in the real estate sector. Unlike other firms, they did not charge for this change, demonstrating their commitment to customer satisfaction.

Future Expansion with Loctax

Clearbell is currently using Loctax for tax purposes but plans to expand its use to finance and company secretarial processes where they also use external parties. The platform's versatility and comprehensive features make it an invaluable tool for their current operations and future growth.

The Results

By integrating Loctax into their processes, Clearbell has significantly improved compliance oversight, collaboration, and efficiency. This case study highlights how a tailored, responsive platform can transform the management of global tax operations.