Financial software business expanding following £250k investment
Oldham-based tax self-assessment software provider, GoSimpleTax, has secured funding of £250,000 which will help create nine jobs and drive its growth strategy.
The investment funding is from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
GoSimpleTax is experiencing fast growth of 30% per annum which is set to grow further with the increased demand for online self-assessment tax software following the extension of the Government’s initiative ‘Making Tax Digital for Income Tax Self-Assessment’ taxpayers which starts in April 2023 and comes into full effect in April 2024.
Making Tax Digital requires management of tax affairs with HMRC using compatible software.
VAT-registered businesses have already been affected by Making Tax Digital changes and it is becoming applicable to Income Tax Self-Assessment (ITSA) taxpayers.
This will affect self-employed sole traders, landlords and others who currently report taxable income of more than £10,000 a year via self-assessment – thought to number about 4.2m people. The first tranche of taxpayers will have to submit their returns using third party software up to four to five times per year in real time rather than annually in arrears.
Established in 2013, the team at GoSimpleTax has more than 100 years combined experience in the accounting industry and launched the business to create a self-assessment solution for individuals to submit their tax return to HMRC without the need for an accountant.
The cloud based software uses artificial intelligence designed to offer prompts to help businesses to calculate the correct tax, while ensuring that no allowances or savings are missed. The GoSimpleTax app is used by more than 10,000 individuals and businesses to complete and submit their annual tax returns.
Amanda Swales, GoSimpleTax director, said: “Since we set up in the business nine years ago, we have gone from strength to strength and are now entering a significant period of growth due to the surge in demand for our services. The investment funding from NPIF-FW Capital Debt Finance is helping us to strengthen our team with nine new jobs and facilitate our future growth strategy.”
Andy Traynor, investment executive at FW Capital, said: “GoSimpleTax is experiencing explosive growth and has established an award-winning software solution that removes the stress and burden of filling out and submitting your tax return. I am delighted to work with GoSimpleTax and provide investment capital that will help take the business to the next level of success and support individuals with the changes in self-assessment rules.”
Sean Hutchinson, at the British Business Bank, said: “NPIF plays a vital role in supporting smaller businesses across the North. We are proud to be working with FW Capital to champion businesses like GoSimpleTax, to assist with the continued growth and innovation in the region, and it’s fantastic to see the tangible difference the fund has made.”
