Savy is a mobile app that identifies eligible work-related travel tax deductions for employees, helping them maximize their tax refunds. By automating the expense tracking and tax form completion process, Savy simplifies tax filing and unlocks potential savings for users.
Funding
Funding not disclosed
Founders
Product
Problem
Many UK taxpayers miss out on potential tax breaks related to work-related travel and expenses due to the complexity of the tax system and the administrative burden of claiming these deductions from HMRC. This results in individuals overpaying their taxes and missing out on significant savings.
Solution
Savy is a mobile application designed to automate the identification and claiming of eligible work-related tax deductions for UK employees. The app simplifies the expense tracking and tax form completion process, enabling users to maximize their tax refunds and reduce their overall tax burden. Savy handles all interactions with HMRC, removing the need for users to understand complex tax rules or complete tedious paperwork. By leveraging AI, machine learning, and open banking, Savy streamlines record keeping and ensures users receive the maximum savings they are entitled to.
Target Audience
Savy primarily targets UK-based employees who travel for work or incur work-related expenses that qualify for tax deductions, including sales professionals, carers, and security guards.
Features
- Automated identification of eligible tax deductions for work-related travel and expenses
- Electronic storage of expense records
- Preparation and submission of annual tax paperwork to HMRC
- Management of past year tax refund claims
- Calculation of mileage allowance based on HMRC standards (45p per mile for the first 10,000 miles, 25p thereafter)
- Support for claiming tax breaks on food, drink, and other work-related expenses
- Year-round support for users interacting with HMRC