Mettle, the free business bank account crafted for the self-employed by NatWest, has stepped up its game by incorporating the award-winning accounting software, FreeAgent’s, tax calculation directly in their application.
This strategic move aims to instil greater confidence among the self-employed when handling their business administration. It offers them an on-the-spot view of the tax they owe, thereby simplifying the often-daunting process of tax calculations.
Founded by NatWest, Mettle stands out as a free business banking platform dedicated to the self-employed. Designed specifically for contractors, freelancers, and small businesses, Mettle offers its customers the privilege of opening an account within minutes. Users can easily craft and send personalised invoices and effortlessly link to accounting software, ensuring a smooth bookkeeping experience, all accessible from a mobile or desktop. Furthermore, Mettle provides a UK account number, sort code, and an in-app chat feature ensuring users can communicate with real individuals when assistance is needed.
Mettle’s recent integration with FreeAgent translates into an in-app tax calculation feature, available at no additional cost for Mettle customers linked with FreeAgent. This feature alleviates the guesswork tied with yearly tax projections, presenting a real-time view directly within the banking app. As customers maintain their bookkeeping activities, FreeAgent operates in the backdrop to determine pertinent taxes – spanning from income tax and Corporation Tax to VAT.
Enhancing the feature list, Mettle also presents Money Pots with automated guidelines, assisting users in saving consistently for taxes or other business expenses. Clients can configure a rule that designates a fraction of each incoming transaction directly to their tax pot. This, combined with the tax calculation, ensures customers are aptly prepared for year-end returns. Additionally, this innovative tax calculation is accompanied by FreeAgent’s Tax Timeline, which provides specific views tailored for both sole traders and limited companies, offering insights into upcoming tax return deadlines.
The tax calculation tool is open for both sole traders and limited companies. To access these features within the Mettle application, users must be synchronised with FreeAgent. It is crucial for customers to update their application to the latest iteration to enjoy these enhanced functionalities.
Mettle Director of Product Rachel Booth 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.”
FreeAgent CEO and co-founder Roan Lavery said, “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.”
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