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How to get started

Home/About us, Tax Help/How to get started

1. Tell Finmo about your income and expenses

There are two ways to tell Finmo about your income and expenses.

Connecting your bank account

The easiest and fastest way to record your income and expenses is to connect the bank account used for your business.

After connecting a bank, you can view your transactions. Tag each transaction – income and expenses – to your job(s).

What if I have multiple jobs?

Transactions in cash or through a different account can be entered manually.

Entering your data manually

In the event that you do not feel comfortable connecting your bank account – no worries – you can enter each transaction manually.

Enter all income received from business activities and importantly, enter your expenses as well. The more expenses you enter, the lower your overall tax bill will be.

2. Sign up and purchase your package

Next, pick your package – you can pay for your Accountant package or choose the free option.

Finmo is licensed by the FCA (Financial Conduct Authority) and employs bank level security, taking your data protection seriously.

3. Answer questions about yourself

After your income and expenses are listed, click on ‘My Finmo’ and answer the questions under the Self Assessment section.

Prior to speaking with your Finmo Accountant, fill in as much information as you can (however it does not have to be perfect).

You can amend and change the information you entered after your Finmo Accountant reviews your answers.

4. Your Finmo Accountant answers questions and gives advice

Finmo will assign you an Accountant to review your Self Assessment and schedule a call.

Prior to the call, your Finmo Accountant will do the following:

  • review the answers to the questionairre and make notes to your account
  • note potential areas to save money on your end of year tax bill
  • review uploaded documents and run necessary identification (KYC) and anti-money laundering (AML) checks
  • review income and expense transactions as well as HMRC categorisation

Make sure you come with questions. Use the time with your Finmo Accountant wisely and come prepared.

5. We fill out your Self Assessment & you approve it

Once you and your Finmo Accountant are satisfied, we will fill out the Self Assessment and upload it for you to review and approve.

Digitally sign your Self Assessment and your Finmo Accountant will submit it on your behalf.

Sorted.

December 23rd, 2019|About us, Tax Help|