TaxScouts, the U.Okay. tax preparation startup based by TransferWise and MarketInvoice alumni, has raised £5 million in Series A funding for European growth.
Leading the round is Octopus Ventures, with outdated traders SpeedInvest, Seedcamp and Finch Capital following on. Moreover participating is Clocktower Abilities Ventures, the U.S. endeavor capital company specialising in monetary technology.
Aiming to originate a “pan-European” tax submitting service, first stay initiating air the U.Okay. is Spain, with TaxScouts having already appointed a Madrid-based nation manager. It says it has chosen Spain per the size of the market and the complexity of the native tax machine, and can magnify to extra European markets within the advance future.
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Combining “automation” with a network of human accountants, TaxScouts’ service is designed to support you by arrangement of your annual tax submitting preparation and submission. The company bills a easy flat rate — currently £119 within the U.Okay. — and promises a rapidly turnaround, every at times staunch 1-2 days.
To fabricate this, the catch app walks you by arrangement of your tax pronounce, earnings and bills with out assuming too worthy prior recordsdata. This involves asking you to upload or opt a photograph of any required documents, equivalent to invoices or dividend certificates. The basis is that every person in all the admin is captured digitally and packaged up ready for an assigned accountant to establish.
TaxScouts says the original Series A investment will be extinct to secure the corporate’s Spanish service and get key hires all over its engineering, product and marketing teams.
Mart Abramov, co-founder and CEO of TaxScouts, feedback: “We gaze a enormous amount of possible in launching TaxScouts into Spain. Naturally, the climate and the wine had been thought to be when picking the market, nevertheless having efficiently constructed a resolution for one in all the trickiest tax systems in Europe, we’re assured that we can mumble one other enormous product for Spain’s complex tax structure. The market is double that of the U.Okay., and right here is step one to us constructing a pan-European tax service.”
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