MoneySuperMarket has launched a new business offering, with integrated accounting and tax software.
The Chester-based group said that it would be aimed at sole traders, freelancers and limited companies across the UK, following changes to HMRC’s digital reporting thresholds for small businesses.
“Our new MoneySuperMarket Business Bank account is designed to take the hassle out of managing company finances, with built-in tools like real-time transaction tracking and automated expenses categorisation to help with Making Tax Digital requirements,” explained Lis Barton, Chief Customer Officer at MONY Group, which includes MoneySuperMarket.
Those tools come through partnerships with finance app, Countingup; regulated banking platform Griffin; and online business funding company, iwoca.
According to research from MoneySuperMarket, almost 2 in 5 (37%) UK small businesses keep financial records on paper; 1 in 10 (11%) have missed tax deadlines; and 1 in 6 (16%) have not saved enough for their tax bill.
“Small businesses are being asked to manage more financial admin than ever before. As reporting requirements evolve, small business owners are increasingly looking for fewer systems that work better together, rather than managing separate tools for banking, accounting and tax,” said Tom Platt, CEO at Countingup.
“MoneySuperMarket recognised that shift and wanted to offer its customers a simpler way to manage their business finances.”
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Earlier this year, HMRC’s Making Tax Digital (MTD) reforms expanded digital reporting obligations for SMEs with an income over £50,000. The threshold drops to £30,000 in April 2027 and £20,000 in April 2028.
MoneySuperMarket said that the integrated software in its Business Bank Account means that businesses can automate VAT tax submissions and set aside money for tax returns throughout the year.
MoneySuperMarket is part of FTSE 250 business, MONY Group.
