FreeAgent partners with Mettle for self-employed tax calculator

Mettle, the free business bank account built for the self-employed by NatWest, has partnered with accounting software provider FreeAgent and its new tax calculation in-app.

The firms said the integration within a business bank account will give the self-employed “more confidence around their business admin and give them a real-time view of the tax they owe”.

The tax calculation, which is available for free to all Mettle customers whose accounts are connected with FreeAgent, will “take the guesswork out of how much tax they are likely to owe each year” and will show a real-time view directly in their banking app.

As a customer completes their bookkeeping tasks in both the Mettle app and their FreeAgent account, like categorising transactions and uploading receipts, FreeAgent will work in the background to calculate the taxes relevant to their business.

This includes income tax, Corporation Tax and VAT. Once these tasks have been completed, Mettle will sync this information with the customer’s FreeAgent account and upload the receipt to their transactions so they can see an up-to-date view of their tax position.

This new calculation feature also comes with FreeAgent’s Tax Timeline, and offers different views for sole traders and limited companies. With this, customers can see a view of upcoming tax returns and payment deadlines tailored to their small business directly in the Mettle app.

Rachel Booth, director of product at Mettle, said: “For the self-employed, getting an accurate view of what tax they owe so they can plan ahead is so important. Working with FreeAgent to bring this functionality directly into a business bank account is game changing.

“Our customers now have what they need to get their business admin completed – from categorising payments and automatically setting money aside to now seeing what tax they owe. We’re giving the self-employed the tools they need to succeed with their business finances.”

Roan Lavery, CEO and co-founder of FreeAgent, added: “With this integration of our smart tax calculation within Mettle accounts, we hope that small business owners will have better clarity than ever over their accounts and feel smarter and more confident about their finances.

“By taking the mystery out of how much tax they owe, and enabling them to save the amount into an automated Money Pot, Mettle customers will be freed up to do what they do best: running healthy, happy businesses.”