Taxmo features: bookkeeping, invoicing and tax for UK sole traders

Get your records in

Type it, photograph it, forward it or import it. Taxmo reads the details for you, and bank imports wait for your approval before they count.

• Entries by hand (All plans): Type income and expenses yourself. Free includes 25 entries a quarter.
• Receipt scanning (Starter and Pro): Photograph or upload a receipt or invoice. Taxmo reads the supplier, the supplier's VAT number, the date, the amount and the VAT rate, shows how sure it is of the read, and lets you book it as an expense or as income after you check it.
• WhatsApp Expense Inbox (Starter and Pro): Send a receipt photo by WhatsApp. Taxmo books the expense and replies with what it recorded, so you can check it without opening the app.
• Email receipt capture (Pro): Your account gets its own forwarding address. Forward a receipt, or give the address to a supplier, and a draft expense appears for review.
• Email inbox (Pro): Every email sent to your forwarding address in one list. Search it, filter by created, failed or in progress, retry a failed one and open the expense it made.
• Connect your bank (Starter and Pro): A read-only connection you authorise at your own bank. Each import brings in the last 90 days, you approve what counts, and you authorise again for the next import.
• CSV and Excel bank statements (All plans): Import a statement for older periods from Transactions. Common UK bank layouts are recognised, and any other bank can be mapped by column. Imported lines count towards your plan's entry allowance.
• Statement files from your bank (Starter and Pro): Upload an OFX, QFX or QIF file from your bank's download page into Bank feeds. The lines wait there for your approval, like a bank import.
• Import from Excel or CSV (All plans): Bring income, expenses, sales invoices, contacts and products over from an Excel or CSV file. Columns are matched for you, you preview the result, and nothing is saved until you confirm. Imported income and expenses count towards your plan's entry allowance.
• Import from other software (Starter and Pro): Connect Xero, QuickBooks or FreeAgent and bring your data across.
• Documents (All plans): Your receipts and invoices from scanning, WhatsApp, email and uploads in one place, where you can rename, download or delete them.
• Edit entries in place (All plans): Change an entry's description, category or amount in the transactions list without leaving it, or jump straight to an entry from a scanned receipt or an email.

VAT and Making Tax Digital

Your VAT is worked out through the quarter from your own entries, so the figure is known before the deadline.

• VAT dashboard (All plans): A running VAT figure for the quarter, built from the entries you approve.
• VAT returns filed to HMRC (Starter and Pro): The nine boxes are built from your records and sent to HMRC over Making Tax Digital for VAT. HMRC's receipt is kept with the period.
• Checks before you file (All plans): A missing VAT number on your profile, invoices still in draft and bank imports waiting for review are flagged before the return goes.
• Filing guide (All plans): The return laid out box by box. Read-only on Free, with copy-to-clipboard on Starter and Pro.
• VAT and Flat Rate Scheme calculators (All plans): Work out the VAT on an amount and what you would pay under the Flat Rate Scheme. The detailed comparison with standard VAT is on Starter and Pro.
• EC Sales List (Pro): For Northern Ireland businesses trading goods with the EU.
• VAT number checker (All plans): Check an EU VAT number against the EU's VIES database before you rely on it.

Income Tax and Self Assessment

Self Assessment as a running position, not a January event. Taxmo prepares the figures; you file the return on HMRC yourself.

• Tax set aside as you go (All plans): A running estimate of Income Tax and National Insurance from your own entries.
• Self Assessment review (Pro): Your income, allowable expenses and estimated tax for the year in one place, ready for when you file on HMRC.
• Tax Savings Finder (All plans): Compares your expenses with common deduction categories, such as use of home and mileage, and flags the gaps. Basic on Free and Starter, full on Pro.
• Mileage tracker (All plans): Log business journeys by vehicle and apply the HMRC approved mileage rates for cars, vans, motorcycles and bicycles. Download the year's journeys as a CSV.
• CIS tracking (Starter and Pro): Keep track of Construction Industry Scheme deductions.
• Capital allowances (Pro): Work out the Annual Investment Allowance and writing down allowances on equipment you buy for the business.
• Deadline reminders (Starter and Pro): A reminder ahead of each VAT and Self Assessment date. Check the dates for your own year on GOV.UK.

Invoices and getting paid

Invoices come from the same records your VAT return is built from, so nothing is typed twice.

• Invoices, quotes and credit notes (All plans): Create and send them from Taxmo. Free includes 3 invoices a month; Starter and Pro have no monthly cap.
• Quotes with deposits (All plans): Edit a quote after you create it, link it to a saved contact, invoice a deposit and turn it into an invoice when you are ready.
• Send invoices your way (All plans): Review the email before an invoice goes: set your own subject line, add a message and copy yourself. On a new invoice, Save and send does it in one step.
• Invoice timeline (All plans): Each invoice shows Draft, Sent and Paid with the date it went out and whether the customer has opened it, and an overdue invoice is flagged.
• Recurring invoices and reminders (All plans): Set an invoice to repeat, change the schedule whenever you like, and raise the next one now as a draft or send it straight away. Send a payment reminder when one is overdue.
• Who owes you (All plans): Your dashboard shows what customers still owe and how much of it is overdue, each linking to the invoices behind it.
• Invoice designs and templates (All plans): Save several looks for your invoices, quotes and credit notes and pick one per document, and keep reusable invoice templates for work you bill again and again.
• Contacts and products (All plans): Keep your customers, suppliers and price list, fill an invoice or quote from them, and import or export either as a CSV.
• Card payments (All plans): Add a payment link so your client can pay an invoice by card through Mollie. Processing fees are on the pricing page.

Reports and planning

See where the year stands, and try a decision out before you make it.

• Profit and loss and balance sheet (Starter and Pro): Financial reports built from your entries.
• Annual summary and CSV export (Starter and Pro): A yearly overview with charts, and your entries as a spreadsheet.
• Time tracking (Pro): Track billable hours with a timer and link them to invoices. Reports show hours by month and project, you can import a time log, and a date range exports as PDF or CSV.
• Projects (Pro): Group invoices, income, costs and time by project and see the profit on each.
• Scenario planner (Pro): Ask a what-if question about your tax or cash flow and see the effect worked through.

Help and working together

Answers when you are stuck, and room for the people who help with your books.

• Taxmo AI Assistant (Pro): Ask a UK tax question and get an answer in plain English, with a pointer to GOV.UK where a figure needs checking.
• Team access (Pro): Invite people to your account as an admin, a bookkeeper or a read-only viewer.
• Accountant access (Pro): Invite your accountant to view your records, read-only.

Guides

Read more: Making Tax Digital for VAT guide, How to file a VAT return without an accountant, Sole trader expenses guide, Freelancer VAT guide. Prices and allowances are on the pricing page.