"The ' Making Tax Digital' software, available in the new year, is embedded within the bank's sole-trader account, enabling customers to send information to HMRC directly from their account. From April, HMRC will start to require landlords and sole traders with income over £50,000 to keep digital financial records for Income Tax Self Assessment. Starling's offering is a direct result of the Group's acquisition of tax-accounting software platform, Ember, in August."
"As an entrepreneur myself, I know how time-consuming keeping track of income and expenses can be. That's why we built Ember - to take the pain out of accounting. Teaming up with Starling has meant we've been able to do this at real scale for our SME customers, who will be able to manage everything directly within the bank's app."
Starling unveils new business tools including AI-powered money-management features, payment tools, and HMRC-recognized Making Tax Digital software embedded in sole-trader accounts. The embedded MTD software, available in the new year, will allow customers to send information directly to HMRC and view tax deadlines within their account. From April, HMRC will require landlords and sole traders with income over £50,000 to keep digital financial records for Income Tax Self Assessment. The functionality follows Starling's acquisition of Ember and lets customers create, store, correct digital records for self-employment and property income and file updates to HMRC. Mobile invoicing and more specific business spending categories will improve payments and financial visibility.
Read at London Business News | Londonlovesbusiness.com
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