Oldham-based tax self-assessment software provider GoSimpleTax has secured £250,000 in funding which will help create nine jobs and boost its growth strategy.
Funding for the investment comes from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
GoSimpleTax is growing rapidly at 30% annually, which is expected to grow further with increased demand for online self-assessment software following the expansion of the government’s “Making Tax Digital for Income Tax Self-Assessment” initiative. which starts in April 2023 and comes into full effect in April 2024.
Making Tax Digital requires managing tax affairs with HMRC using compatible software.
VAT registered businesses have already been affected by the Making Tax Digital changes and this becomes applicable to Income Tax Self Assessment (ITSA) taxpayers.
This will affect sole traders, landlords and others who currently report taxable income of over £10,000 a year via self-assessment, or around 4.2 million people. The first tranche of taxpayers will have to submit their returns using third-party software up to four to five times a year in real time rather than annually in arrears.
Founded in 2013, the GoSimpleTax team have over 100 years of combined experience in the accountancy industry and started the business to create a self-assessment solution for individuals to submit their tax returns to HMRC without the need for an accountant.
The cloud-based software uses artificial intelligence designed to offer prompts to help businesses calculate the correct tax, while ensuring no allowances or savings are missed. The GoSimpleTax app is used by over 10,000 individuals and businesses to complete and submit their annual tax returns.
Amanda Swales, Director of GoSimpleTax, said: “Since our inception nine years ago, we have gone from strength to strength and are now entering a period of significant growth due to increased demand for our services. . Investment funding from NPIF-FW Capital Debt Finance helps us strengthen our team with nine new jobs and facilitate our future growth strategy.
Andy Traynor, Chief Investment Officer at FW Capital, said, “GoSimpleTax is experiencing explosive growth and has introduced an award-winning software solution that takes the stress and burden out of completing and submitting your tax return. I’m excited 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, of the British Business Bank, said: “The NPIF plays a vital role in supporting small businesses in the North. We’re proud to work with FW Capital to champion companies like GoSimpleTax, to help with continued growth and innovation in the region, and it’s fantastic to see the tangible difference the fund has made.