UK digital bank Monzo has rolled out a tool that lets sole traders and landlords file taxes directly to HMRC from their business account.
Monzo, which has over 700,000 business customers, built the tool in partnership with Sage, the fintech specialising in accounting, financial, HR and payroll technology for small and mid-sized businesses.
the tool is designed to help sole traders and landlords comply with the upcoming Making Tax Digital for Income Tax legislation. Making Tax Digital is an HMRC-led initiative that will require sole traders and landlords to keep digital records and submit quarterly tax updates to HMRC, using approved software.
"Managing taxes is one of the biggest headaches for sole traders and landlords." says Jordan Shwide, GM, business banking, Monzo. "That's why we're making tax filing simple with a built-in tool, powered by Sage, that lets customers file directly to HMRC from their Monzo Business bank account."
The waitlist for the tax filing tool is now open, with the full launch expected in time for the new tax year when Making Tax Digital comes into effect.