How TaxStats Benefits You and Your Business

Running a business in the UK means dealing with a constant stream of tax obligations, compliance deadlines, and financial admin. Self Assessment, corporation tax, VAT, payroll, pension auto-enrolment, Companies House filings — the list goes on. For most business owners, this is time spent away from what they do best: building their business, serving their customers, and growing their revenue.

TaxStats was built to change that. We combine AI-powered automation with the expertise of qualified accountants to deliver a platform that handles your tax and accounting obligations efficiently, accurately, and affordably. Here is how TaxStats benefits you and your business.

AI-Powered Transaction Categorisation

One of the biggest time sinks in bookkeeping is categorising bank transactions. Every payment in and out of your business account needs to be assigned to the correct category — office supplies, travel, utilities, professional fees, revenue, and so on. Traditional bookkeeping requires a human to review each transaction and make a judgement call.

TaxStats uses AI to categorise your transactions automatically. Our system analyses the transaction description, amount, payee, and historical patterns to assign the correct category with over 95 per cent accuracy. You simply review and approve the suggestions rather than starting from scratch. For a typical business processing hundreds of transactions per month, this alone saves hours of work.

The AI learns from your corrections too. If you recategorise a transaction, the system remembers and applies the same categorisation to future transactions from the same payee. Over time, the accuracy improves and the amount of manual review needed decreases.

HMRC Direct Filing

TaxStats is an HMRC-recognised software provider and registered agent, which means we can submit your tax returns directly to HMRC on your behalf. This eliminates the need to manually enter data into HMRC's online portal, reduces the risk of transcription errors, and provides instant confirmation that your submission has been received.

We support direct filing for Self Assessment (SA100), VAT returns (MTD compliant), Corporation Tax (CT600), payroll (RTI — FPS and EPS), Construction Industry Scheme (CIS) returns, and Making Tax Digital for Income Tax (MTD ITSA) quarterly updates. Having all your HMRC filings in one platform means you have a single, unified view of your compliance obligations and filing history.

For many businesses, this direct filing capability alone can replace the need for separate software packages for each tax type. Fewer tools means less complexity, lower costs, and a single source of truth for your financial data.

Real Accountant Backing

Technology is powerful, but there are times when you need to speak to a qualified professional. Every TaxStats plan above Free includes access to our team of qualified accountants, based in Manchester. They review your returns before submission, answer your tax questions, and provide advice tailored to your specific circumstances.

This combination of AI and human expertise is what sets TaxStats apart. The AI handles the repetitive, time-consuming work of categorising transactions, calculating tax, and generating reports. The accountants provide the judgement, experience, and personal touch that only a human professional can offer. You get the speed and efficiency of technology with the confidence that comes from knowing a qualified accountant has reviewed your numbers.

For Business and Specialist plan subscribers, you get a dedicated account manager who knows your business and is available when you need them. This is not a generic call centre — it is a named accountant who understands your industry, your goals, and your financial history.

Multi-Tax-Type Coverage

Most accounting software focuses on one or two areas — bookkeeping and invoicing, or Self Assessment, or VAT. TaxStats covers the full spectrum of UK tax obligations in a single platform. Self Assessment, company accounts, CT600, VAT (MTD compliant), payroll with pension auto-enrolment, CIS, MTD ITSA, and confirmation statements are all handled within the same system.

This unified approach has significant benefits. Data flows between tax types automatically — your bank transactions inform your VAT return, your payroll costs feed into your corporation tax computation, and your self-employment income flows into your Self Assessment. There is no need to export data from one system and import it into another, and there is no risk of figures being inconsistent across different filings.

For businesses that currently use separate tools for each compliance obligation, consolidating onto TaxStats can significantly reduce costs and complexity. One subscription, one login, one set of records, one team of accountants.

Practice Management for Firms

TaxStats is not just for business owners — it is also designed for accounting practices. Our practice management features allow firms to manage multiple clients from a single dashboard, with tools for workflow management, deadline tracking, document storage, client communication, and team collaboration.

For each client, the practice can see an at-a-glance view of compliance status, upcoming deadlines, outstanding actions, and financial health. Automated reminders ensure that nothing falls through the cracks, and the AI assistant can help with client queries, tax research, and report preparation.

Practices using TaxStats report saving an average of 30 per cent of the time previously spent on compliance work, allowing them to focus on advisory services and client relationships. The platform also supports white-labelling, so your clients see your brand rather than ours.

Open Banking Integration

TaxStats integrates with UK banks through TrueLayer's Open Banking platform, enabling automatic daily import of bank transactions. Once connected, your transactions appear in TaxStats within hours, already categorised by AI and ready for review.

Open banking is more secure than traditional bank feed methods because it uses the bank's own authentication — you never share your banking credentials with TaxStats. The connection is read-only, meaning we can import your transactions but cannot make payments or changes to your account.

For businesses that were previously uploading CSV bank statements manually, open banking saves significant time and ensures that your records are always up to date. Real-time bank data also enables better cash flow visibility and more accurate financial reporting.

Intelligent Reporting

TaxStats generates a full suite of financial reports including Trial Balance, Profit and Loss Statement, Balance Sheet, Cash Flow Statement, Aged Debtors and Creditors, VAT Summary, and Management Accounts. All reports are available in real time and can be exported as PDF or CSV.

What makes our reporting different is the AI-generated commentary. Rather than presenting raw numbers and leaving you to interpret them, TaxStats provides written summaries that highlight key trends, flag areas of concern, and suggest actions. This transforms financial reports from data dumps into actionable business intelligence.

Security and Compliance

Your financial data is sensitive, and we take its protection seriously. TaxStats uses AES-256 encryption for data at rest and TLS 1.3 for data in transit. We are registered with the ICO, fully GDPR compliant, and hosted on secure infrastructure within the UK and EU. Access controls, audit logging, and two-factor authentication are built in as standard.

Conclusion

TaxStats brings together AI technology, HMRC integration, and professional accounting expertise in a single, affordable platform. Whether you are a sole trader managing your Self Assessment, a limited company handling VAT and payroll, or an accounting practice serving hundreds of clients, TaxStats gives you the tools to work more efficiently, file more accurately, and spend less time on compliance. Start free and see the difference for yourself.