Tell us about Taxd
Taxd is a user-friendly, affordable solution that empowers taxpayers to file their returns efficiently and accurately. By automating much of the process and providing expert guidance, Taxd significantly reduces the time and cost associated with tax preparation. This is particularly beneficial for expats, who can save substantial sums compared to traditional international tax services.
A unique feature of Taxd is its ability to identify potential tax relief opportunities, maximising savings for users. To build trust in a relatively new field, Taxd combines cutting-edge technology with human expertise, offering a hybrid approach that ensures both efficiency and accuracy.
Initially focused on personal tax returns, Taxd has expanded its services to cater to solo entrepreneurs and small limited companies, serving 10,000 customers (within 3 years!). To support this growth, the team has scaled to ten full-time members.
How did you come up with the idea for the company?
We saw the complexity and confusion surrounding taxes, particularly for individuals with complex international tax issues and small business owners. Working at PwC, we realised that tax advice and efficient planning were only available to those who could afford expensive accountants. This gap in access to quality tax services inspired us to democratise tax and accounting, making it accessible to everyone through automation and a user-friendly platform.
From our experience, we also realised that the complex, arduous process of filing taxes could be simplified using technology. In particular, the technology can be applied to particularly complex filing, such as expats or those with international assets, which can often incur a huge bill from the accountant.
Although we suggested this to our previous firm, there wasn’t a drive to create an alternative for the existing, profitable model. Therefore, we decided to found Taxd, and put our existing knowledge into practice.
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What is your advice to aspiring entrepreneurs?
People starting their own business should stay focused on solving a real problem. And to be honest, I would recommend getting domain expertise, and then see how that area or industry can be improved and go from there. You’ll have the niche knowledge that will allow you to go further. Experiment and test your theories with clients to see if people would pay for your product or service. Also surround yourself with a strong team that you can share the burdens of starting a business with.
What most excites you about Taxd?
By democratising access to professional tax services, Taxd is empowering taxpayers to take control of their finances and achieve greater financial well-being. It’s more than a tech startup; Taxd is a movement empowering individuals and small businesses to take control of their finances.
How has the company evolved over the last couple of years?
In recent years, we have expanded Taxd’s offering from individuals to cater to solo entrepreneurs and small limited companies. This has expanded our services and meant that more people can benefit from straightforward, affordable accountancy.
We’ve seen great feedback so far from our Limited Company clients who appreciate the simplicity, cost savings and ability to have more autonomy with their company compliance.
What can we hope to see from Taxd in the future?
Going forward, we see a substantial market opportunity, especially in international taxes. There are huge numbers of individuals leaving the UK at present, who will create a lot of opportunities from a tax perspective.
For expats, it is challenging to find reliable advice and support, especially when paying taxes in two countries or more. This is because there are different tax years, rules and taxation agreements to handle. Traditional accountancy in these circumstances quickly becomes extremely expensive. Therefore, next year, our focus will be supporting expats with their UK and international tax requirements. We are already working on a Spanish offering, with other countries on our radar. Our goal is to build a seamless, cross-border tax solution that removes the stress and cost of international compliance.
