HSBC UK and Sage Launch Tool for Digital Tax Reporting

HSBC UK partners with Sage to support small businesses and sole traders as the UK Government's Making Tax Digital for Income Tax (MTD) changes take effect in April 2026. The initiative aims to simplify digital tax reporting.

The new My Business Finances tool leverages Sage's embedded technology, allowing users to manage accounting and submit tax returns directly from their HSBC UK business accounts. This integration reduces complexity for business owners, aligning with MTD requirements.

Research by Sage indicates 70% of sole traders are unprepared for the MTD transition. Many still use manual processes, highlighting the need for digital solutions. This partnership seeks to bridge the readiness gap and enhance compliance and efficiency for businesses.