UK digital bank Monzo has introduced an innovative tool that allows sole traders and landlords to file their taxes directly to HM Revenue and Customs (HMRC) from their business accounts.
With a customer base exceeding 700,000 businesses, Monzo developed this feature in collaboration with Sage, a fintech leader in accounting and payroll solutions tailored for small to mid-sized enterprises.
This tool aims to assist sole traders and landlords in adhering to the forthcoming Making Tax Digital for Income Tax regulations. This initiative, spearheaded by HMRC, mandates that these individuals maintain digital records and submit quarterly tax updates using approved software.
“Tax management can be incredibly challenging for sole traders and landlords,” comments Jordan Shwide, General Manager of Business Banking at Monzo. “That’s why we’ve created a streamlined tax filing solution, powered by Sage, enabling our customers to file directly with HMRC from their Monzo Business bank accounts.”
Currently, the waitlist for this tax filing feature is open, with a full rollout anticipated ahead of the new tax year when the Making Tax Digital initiative takes effect.