Monzo has introduced a free, HMRC-recognised tax tool to assist sole traders and landlords with the upcoming Making Tax Digital (MTD) for Income Tax regulations, effective April 2026. The tool allows users to submit tax updates directly through the Monzo app. This simplifies the filing process. Research shows that 52% of sole traders find tax management stressful, with many unprepared for the MTD changes. Jordan Shwide, general manager at Monzo Business, said: “By launching a free, HMRC-recognised tax tool, we’re making it easier for sole traders to send tax updates straight from their bank account.” The tool will be available before the new tax year begins.
iBOSS Comment:
Sounds like a very good idea although, as they say, “Proof of the pudding . . . etc.”. Well worth looking into, especially if one has little experience in this field. Might even save some accountancy fees! Certainly if you are looking for a bank for your business, worth considering Monzo, just take make sure it can provide all of the commercial finance services you may need!. If in doubt, ask.