- Sage accounting tools will be integrated within the HSBC app in a new My Business Finances tool
- 70% of sole traders are unprepared for impending MTD changes set from April 2026
- One in three still use pen and paper to keep track of their finances
HSBC is teaming up with accounting software provider Sage to help prepare sole traders for the impending Making Tax Digital (MTD) requirements, with up to 70% unprepared for the rule change.
As part of the partnership, Sage accounting tools will be integrated directly into the HSBC app to allow small business owners to manage accounts and invoices, track finances and submit digital tax returns directly to HMRC.
Putting the tools in the hands of individual traders marks a significant development, with up to a third still tracking their income and expenses with pen and paper.
Sage to be integrated into HMRC app for sole traders
The two companies expressed their desire to address the complexity that individual traders currently perceive when it comes to digital finance, stating that integrated tools will save them time and help them comply with MTD regulations.
“HSBC My Business Finances will take care of a business’ invoicing, accounting and tax compliance, all in one place,” said Tom Wood, head of SME business banking at HSBC in the UK. “This is especially helpful ahead of new tax filing requirements in April.”
Accounting and tax software is already available with several third-party integrations to link tools, including live banking feeds that push transactions directly into accounting dashboards, but HSBC wants to turn this on its head by bringing those accounting tools to its mobile banking app.
“Powered by our integrated accounting technology, HSBC UK can deliver trusted accounting and tax in a unified experience,” added Gordon Stuart, Senior Vice President of Sage Fintech & Embedded Services.
My Business Finances within the HSBC app will first be available to sole traders and proprietors, they confirmed, implying that a wider launch for other types of businesses could eventually be on the cards.
Although not yet widely available, HSBC and Sage promise to deliver the tool “ahead” of the rule changes in April 2026.
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