Virgin Money’s making tax easier for sole traders
One of the biggest challenges of becoming self-employed is working out tax. Thankfully, Virgin Money has teamed up with untied, the UK personal tax app, to help make life easier for sole traders.
The new partnership means Virgin Money’s self-employed customers will be able to access untied, making it easier than ever to manage their business, get on top of their taxes, and file to HMRC directly from untied quickly and easily. Plus, they’ll be able to access their Virgin Money business account with the untied app.
Graeme Sands, head of business and lending products at Virgin Money, said: “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.”
Small business users can use untied to access real-time tax calculations so that they know the right amount of money to put aside for when they need to pay their tax bill. And the new partnership will mean Virgin Money business customers meet HMRC’s requirements for Making Tax Digital 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.
Kevin Sefton, CEO at untied, said: “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.”
Visit Virgin Money to find out more.