TaxScouts, the U.K. tariff prep startup founded by TransferWise and MarketInvoice alumni, has raised PS5 million in Series A funding for European expansion.
Leading the round is Octopus Ventures, with previous investors SpeedInvest, Seedcamp and Finch Capital, following on. Also participating is Clocktower Technology Ventures, the U.S. venture capital firm specialising in monetary technology.
Aiming to build a ” pan-European ” tax filing service, first stop outside the U.K. is Spain, with TaxScouts having already equipped a Madrid-based country overseer. It says it has chosen Spain based on the size of the market and the complexity of the local taxation system, and will expand to further European groceries in the near future.
Combining “automation” with a structure of the human rights accountants, TaxScouts’ service is designed to support you through your annual levy filing planning and submission. The companionship charges a simple flat cost — currently PS119 in the U.K. — and predicts a speedy turnaround, commonly exactly 1-2 days.
To achieve this, the web app ambles you through your duty status, revenues and expenditures without premising too much prior lore. This includes asking you to upload or take a photo of any required substantiates, such as invoices or gain certifications. The meaning is that all of the admin is captured digitally and packed up ready for an ascribed accountant to check.
TaxScouts says the brand-new Series A speculation will be used to develop the company’s Spanish service and attain key hires across its engineering, product, and market teams.
Mart Abramov, co-founder and CEO of TaxScouts, explains: “We ensure a huge amount of potential in launching TaxScouts into Spain. Naturally, the climate and the wine were considered when picking the market, but having successfully improved a mixture for one of the trickiest taxation system in Europe, we are confident that we can deliver another immense product for Spain’s complex tax structure. The marketplace is double that of the UK, and this is the first step to us constructing a pan-European tax service “.
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