Virgin Money has announced that it is linking up with untied, the UK personal tax app, to offer tax capabilities for sole traders who have a Virgin Money business current account.
The new partnership means Virgin Money’s self-employed customers will be able to access untied, enabling them to better manage their businesses, get on top of their taxes and file to HMRC directly from untied quickly and easily. The service will also enable the integration of Virgin Money business current accounts with the untied app.
untied provides real-time tax calculations which help small business users put the right amount of money aside for when they come to pay their tax bill in future. As well as benefiting from this, the new partnership will also enable Virgin Money business customers to meet HMRC’s requirements for Making Tax Digital (MTD) for Income Tax.
This is the new way of reporting personal taxes and will be mandated for over four million sole traders and those who rent out property from April 2024. untied has been a leading provider during HMRC’s MTD for Income Tax pilot programme, meaning Virgin Money business customers will get the full benefit of its experience.
Kevin Sefton, CEO, untied, commented: “We’re here to help self-employed Virgin Money customers stay on top of their taxes, whether that’s registration, knowing deadlines, keeping records, finding ways to save tax, filing self-assessment tax returns and even paying HMRC. We built untied with banks in mind, and it’s a great fit especially with Making Tax Digital for Income Tax being rolled out. We love the Virgin Money M Account for Business, and for sole traders who want to keep their business transactions separate it’s a great - and free - option.
“We have enjoyed working in close collaboration with the Virgin Money team throughout the robust selection and due diligence processes to get this partnership up and running for its customers.”
Graeme Sands, Head of Business and Lending Products at Virgin Money, commented: “There’s a lot of admin involved in managing a small business and untied provides a market-leading service that helps our sole trader customers take care of this, cutting the need for complicated spreadsheets and HMRC form filing. untied is also future-ready, helping our customers prepare for Making Tax Digital for Income Tax. This new partnership reinforces Virgin Money’s commitment to remaining at the forefront of the types of innovation that help our customers run their business with less effort.”
Both Virgin Money and untied have been supported by the Banking Competition Remedies Capability & Innovation Fund.