Hanwha Lifeinsurance
Socratax Mobile App
2024.04~2024.12
With the rapid growth of the platform-based sharing economy, the number of freelancers has been steadily increasing, leading to the expansion of the financial services market targeting freelancers and sole proprietors.
At Hanwha Life, I launched Socratax, a tailored tax-saving platform designed specifically for freelancers. Hanwha Life is the first financial institution in Korea to introduce a tax-related platform catering to the country’s 10 million freelancers.
The project spanned approximately 11 months from planning to development, and as the Project Manager (PM), I was responsible for timeline management, legal reviews, and UI planning.
To develop the service, I had to study tax regulations, which was challenging, but it ultimately enabled me to create the first-ever service launched by Hanwha Life's New Business Division.
Key Features and Technology
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MyData Integration:
With MyData integration, users can check their real-time income and expenses, making it easy to manage their financial records—just like keeping a household ledger.
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A simulation their tax liabilities:
By entering expected income and expenses, users can simulate their tax liabilities, allowing them to explore and manage their own tax-saving strategies. Moreover, the platform automatically analyzes individual income and spending patterns, providing personalized tax-saving recommendations tailored to each user.
Data-Driven
UX Strategies
The main screen UI has been standardized, and logs are collected for each component to track real-time user engagement with popular content.
This design enables quick and dynamic responses from both usability and marketing perspectives, such as prioritising trending content and campaigns to enhance user experience and engagement.
The top section features a personalized area where users can view their income and expenses at a glance.
Meanwhile, the bottom section remains fixed, displaying a real-time estimate of expected tax liabilities, enhancing usability and accessibility for a seamless user experience.
Bible
Provides freelancer-tailored content, covering everything from business income to tax-saving strategies and tax filing processes.
The content was designed and planned with a focus on visual elements such as graphs and images, allowing users to quickly grasp key information at a glance
Simplified bookkeeping registration process utilizing MyData
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View annual income status and real-time income/expense details through MyData integration.
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Apply expenses in bulk by setting expense categories for each spending item.
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Automatically update the simplified ledger based on preset categories and check the estimated tax liability.
Comparison of Freelancers' Taxation in South Korea and the UK
South Korea - Comprehensive Income Tax
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Higher tax burden due to local tax and lower VAT threshold (₩80M vs. UK’s £85,000).
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Freelancers must pay income tax and VAT if they exceed the threshold.
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Tax deductions and credits are available but require careful expense tracking.
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Pension & health insurance contributions can be costly and must be managed separately.
United Kingdom - Self-Assessment Income Tax
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Personal Allowance (£12,570 tax-free) provides an advantage for lower-income freelancers.
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VAT registration is required only for businesses earning over £85,000 annually.
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National Insurance (NI) contributions are required but can be optimized for tax savings.
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Freelancers can file taxes directly via HMRC Self-Assessment, making the process more straightforward.