TaxScouts, the UK startup that helps prepare your taxes, picks up £1.2M led by SpeedInvest
TaxScouts, a UK startup that helps people complete their tax applications, has successfully raised £1.2 million in seed funding. The round was led by SpeedInvest, and they were joined by Finch Capital and SeedCamp.
The company combines automation as well as humans to help facilitate the tasking process of gathering the necessary information and then submitting a tax application. For the first stage the web app helps guide customers through their tax status, income and expenses. The general assumption is that the customer does not have much prior knowledge and thus will benefit from the guidance. Once this part is done the gathered information is sent to an accountant to be processed.
Benefits for customers include a flat fee of £99 if paid in advance, as well as quick turnarounds of 1-2 days. The benefits for accountants are that smaller firms can take on more clients with TaxScounts assisting with management of clients and thereby grow their business. This benefits TaxScouts through expanding their network of accountant partners, which they are aiming to quadruple by the end of 2019.
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