How-to guide: Accuracy Indicator
The Finmo Accuracy Indicator keeps your Finmo tax estimate accurate to help you better manage your finances. Think of it like a quick to-do list – once you’ve checked off each section, you’ll be well on your way to saving time and money. In a nutshell: the more information you fill out, the better Finmo can help you.
How to get to the Accuracy Indicator
- Log into the Finmo app
- Go to your homepage (tap the home icon in the lower left screen)
- Tap the accuracy icon in the upper right screen
Add your yearly income: Tell us your estimated annual income
Add monthly expenses: Tell us your estimated monthly business expenses
Select industry: Tell us which industry you work in
Tax settings: Tell us about the things that affect your tax – pensions, marriage and capital gains
Connect a bank: Connect one or more bank accounts to see all of your transactions in one place
Categorise transactions: Categorise your transactions as business, personal or tax relief
Make rules: Make rules so Finmo can start categorising your transactions for you
Frequently Asked Questions:
How can I improve my accuracy?
If you click on the accuracy indicator in the Finmo app, it will bring you to a list of to do items. These items are meant to help you improve your accuracy. The more information we know about your, the more accurate our tax estimates will be.
Why doesn’t my accuracy indicator ever get to 100%?
We will never be 100% accurate. We will get pretty close, but our experience tells us that we will almost always find things when it comes time to complete your self assessment. For instance, after reviewing your business expenses, we may notice some expenses that you aren’t allowed to write off or even better, we will find more expenses that you didn’t realise could be claimed as business expenses.
How is my accuracy calculated?
We look at a host of factors when calculating your accuracy score. How much information we have about you, estimates of your income and expenses, and most importantly actual tagged transactions. We know that going through transactions can be painful – especially tagging personal transactions on top of business. However, ensuring you tag all your expenses means that you won’t miss transactions.
If my accuracy indicator is red, does that mean I’ll get audited by HMRC?
No! If your accuracy indicator is red, that means we don’t have enough information about you to reliably give you an accurate estimate of what your tax bill will be at the end of the year. The more information you give us, the better our estimates will be. Our goal is to ensure that you don’t get audited by HMRC. Your Finmo tax expert and Finmo Accountant make sure you claim the right expenses and don’t do anything that will flag your account for HMRC.