ANNA Money launches AI tax tool for sole traders and limited companies

ANNA Money has announced the launch of its new tax solution and payroll service targeted towards sole traders and limited companies.

The company's new product, +Taxes, an AI-powered bookkeeping and accounting tool, has been extended to sole traders following its previous success with limited companies. This tool aims to assist users in managing their finances and tax submissions with ease. Within two weeks of its introduction, the solution has already attracted hundreds of sign-ups.

The new software enables sole traders to manage allowable expenses meticulously, ensuring compliance with HMRC regulations for Self Assessment. It offers features such as automated invoice chasing, payment links, and the capability to set aside funds for significant expenses, including Self Assessment bills.

Users are also provided with automated monthly payroll services for single employees plus 24/7 customer support, with a response time of less than 60 seconds. The introductory cost for sole traders is GBP £3 per month for the first three months, which then increases to GBP £15 plus VAT thereafter. This price point is positioned as a significantly more economical option compared to traditional accountancy fees.

Alongside the tax solution for sole traders, ANNA Money has unveiled a standalone Payroll service that is accessible to both limited companies and sole traders. This feature is designed to simplify payroll management, offering an easy setup process and the ability to file payslips efficiently.

The payroll service automates calculations for PAYE, NIC, and pension contributions, and integrates payments directly into the ANNA business account. It supports up to five employees for a monthly fee of GBP £20 plus VAT, contrasting with the typical charges from traditional accountants.

Caroline Duong, ANNA's Head of Accounting and Tax Product, commented on the new offerings: "ANNA is growing alongside its customers, who are expanding their operations and taking on more staff. We saw an increasing demand from small businesses and sole traders who wanted to continue keeping all of their business admin within ANNA but they needed payroll support. Our entire mission is to make life easier for SMEs, so we created this new stand alone payroll solution to do just that."

The +Taxes feature has reached an annual recurring revenue (ARR) of GBP £2.6 million, highlighting its popularity and relevance among small and medium enterprises (SMEs).

ANNA Money is an AI-powered business account and tax app made to streamline financial management for SMEs. From creating invoices and chasing them until they're paid, receipt scanning and even helping to set aside the right amount of money for tax, ANNA's aim is to make life easier for small business owners, so they can focus on business, not admin.