HSBC UK and Sage simplify tax reporting for small businesses ahead of Making Tax Digital

As part of HSBC UK’s big support for small businesses, the bank is launching a new tool to help business owners and sole traders get ahead of the Government’s Making Tax Digital for Income Tax (MTD) changes coming in April’.

Powered by Sage’s embedded technology’, HSBC UK’s My Business Finances will allow eligible customers to manage accounting and submit tax returns digitally directly from their HSBC UK business banking account, reducing the complexity many small business owners face as MID approaches.

Sage research shows that seven in ten (70%) sole traders are not ready for Making Tax Digital with a third still tracking income and expenses using pen and paper and two thirds relying on spreadsheets to complete their Self-Assessment returns.

This partnership is designed to address this readiness gap ahead of MTD, offering practical support to help customers stay compliant, save time, and remain in control of their finances as the tax system becomes fully digital. Through My Business Finances, customers will be able to manage their accounting and invoicing from inside their HSBC UK business account, without the need to switch between apps or platforms.

Find out more here: https://www.business.hsbc.uk/en-gb/small-business-growth-programme

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