INSUBCONTINENT EXCLUSIVE:
startup founded by TransferWise and Marketinvoice alumni, is the latest online service designed to make filing your tax return a lot less
However, rather than focusing on the bookkeeping part of the problem primarily tackled by cloud accounting software — which is often
overkill if you are self-employed or simply earn a little additional income outside of your day job — the company combines
“automation” with human accountants to help you prepare your tax submission.“Doing taxes is either tedious when you have to do them
yourself, or expensive when you hire an accountant,” says TaxScouts co-founder and CEO Mart Abramov, who was employee number 8 at
TransferWise and also previously worked at Intuit, MarketInvoice and Skype
“We’re automating as much of the admin part of tax preparation as possible in our online app
We then connect you with a certified accountant who will take care of the entire tax filing process for you”.The headline draw is that
TaxScouts charges a flat fee of £99 if you pay in advance, and promises a turn-around of just 24 hours
To help with this, the web app walks you through your tax status, income and expenses without assuming too much prior knowledge
This includes asking you to upload or take a photo of any required documents, such as invoices or dividend certificates
The idea is that all of the admin is captured digitally and packaged up ready for your assigned accountant to take a look.“As more of the
menial tasks are handled by our app this allows accountants to focus on what they do best and not get stuck in admin,” explains Abramov
“They can focus on providing advice and expertise to make sure everything is done right
Our customers get both the benefits of getting a personal accountant and having a simple tool to manage it all, without the huge
costs”.Abramov tells me that TaxScouts’ typical customers are anyone who wants to have their self assessment done for them or who just
wants help with tax preparation
This spans self-employed people — from construction workers to professional freelancers — entrepreneurs and company directors, and
people who are entitled to some kind of tax relief or refund, such as investors on crowdfunding platforms
He also said that gig economy workers are a good fit.Moving forward, TaxScouts plans to further develop the automation functionality,
including plugging into more data sources beyond its existing integration with HMRC
Abramov says this could include a driver’s Uber data for tracking mileage claims, for example, while I can immediately see how the app
could integrate with various fintech offerings that capture transactions and receipts.To that end, the startup has raised £300,000 in
“pre-seed” funding to continue building out the product
Backers include Picus Capital, Charlie Delingpole (co-founder of ComplyAdvantage and MarketInvoice), and Charlie Songhurst (former GM
corporate strategy at Microsoft).
