AI and Chat GPT to help our customers with taxes
At ANNA, we’ve always been interested in how to use AI to make business easier for our customers. Our in-app chat is powered by our own Language Model (backed up by our brilliant CX team in Cardiff) and we use AI to scan the documents our customers upload, extract the relevant information and categorise them. AI is already a central part of what makes ANNA so successful.
In the last year we’ve seen how Large Language Models (LLM) like ChatGPT have taken AI to the next level, particularly in terms of understanding and responding to text input. We wanted to see how we could harness the power of an LLM to help our customers. So we spent some time training an LLM on over 100,000 official HMRC tax guides, so it has a comprehensive understanding of UK tax issues.
You can ask Tax Terrapin almost anything you want about UK tax regulations, and it’ll be able to give you a coherent, comprehensive answer in seconds. Because Tax Terrapin is a taxbot, not an actual accountant, it can’t give you financial advice. So if you’re thinking (for example) of expanding your business, Terrapin can help you understand the rules and regulations that would apply to your specific situation, but can’t tell you what to do.
The great thing about Tax Terrapin is that it uses natural language; that means you don’t need to understand a lot of the financial jargon – just ask it a question in plain English and it will respond in the same way. It will explain what things mean in ways that everyone can understand. It will also give you a link back to the specific HMRC document where it found the information, so you can check for yourself.
This is Terrapin’s first step. Over time we’ll be feeding it even more documentation so that it has an even better understanding of tax issues. We’re also using feedback from users (including accountants) to constantly train and improve it. Don’t think of it as a static thing – this is a Terrapin that keeps growing and evolving.
Why did you call it Terrapin?
Because terrapins are cool: they have hard shells, can adapt to different environments, are omnivorous and live for ages. And they’re cute.
Also, it allows us to use this nifty catchphrase: “Take the terror out of taxes with Terrapin.” So give Tax Terrapin a go today!