- Sage accounting tools will be integrated into the HSBC app in a new My Business Finances tool
- 70% of sole traders not ready for impending MTD changes set from April 2026
- As many as one in three still use pen and paper to track finances
HSBC teams up with accountancy software provider Sage to help prepare sole traders for impending Making Tax Digital (MTD) requirements, with a whopping 70% unprepared for the rule change.
As part of the partnership, Sage’s accounting tools will be built directly into the HSBC app to let small business owners manage accounts and invoices, track finances and submit digital tax returns directly to HMRC.
Putting the tools into the hands of sole traders marks a significant advance, with as many as a third still tracking their income and expenses with pen and paper.
Sage will be built into the HMRC app for sole traders
The two companies expressed a desire to tackle the complexity currently perceived by sole traders when it comes to digital finance, stating that the built-in tools will save them time and help them stay compliant with MTD regulations.
“HSBC My Business Finances will take care of a company’s invoicing, accounting and tax compliance in one place,” said Tom Wood, head of HSBC UK SME Business Banking. “This is particularly useful ahead of new tax reporting requirements in April.”
Accounting and tax software is already readily available with various third-party integrations to link tools, including live banking feeds that pull transactions directly into accounting dashboards, but HSBC wants to turn this on its head by bringing those accounting tools to its mobile banking app instead.
“Powered by our embedded accounting technology, HSBC UK can deliver trusted accounting and tax in one unified experience,” added Gordon Stuart, SVP of Sage Fintech & Embedded Services.
My Business Finances in the HSBC app will be available to sole traders and landlords first, they confirmed, suggesting a wider rollout could eventually be on the cards for other business types.
Although not widely available yet, HSBC and Sage promise to deliver the tool “in advance” of the April 2026 rule changes.
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