Starling Bank has announced a range of new tools for its business customers, including AI-powered features, products to help SMEs get paid, and the bank’s new HMRC-recognised ‘Making Tax Digital’ software. These updates come ahead of HMRC’s ‘Making Tax Digital’ launch and solidify Starling’s position as the only bank to offer a proprietary HMRC-recognised solution directly within a bank account.
The ‘Making Tax Digital’ software will be available in the new year and is integrated into the bank’s sole-trader account, allowing customers to send information directly to HMRC from their account. This is in response to HMRC’s new requirement for landlords and sole traders with income over £50,000 to keep digital financial records for Income Tax Self Assessment starting in April.
Starling’s ‘Making Tax Digital’ offering is a result of the Group’s recent acquisition of tax-accounting software platform, Ember, in August. By integrating the Ember solution into Starling’s app, the bank’s sole trader and SME accounts will offer everything business leaders need for ‘Making Tax Digital’, without relying on third party software. Customers will be able to see tax deadlines, create, store and correct digital records of self-employment, property income and expenses, and file updates directly to HMRC.
Daniel Hogan, Co-founder of Ember at Starling Bank, said: “As an entrepreneur myself, I know how time-consuming keeping track of income and expenses can be. That’s why we built Ember – to take the pain out of accounting. Teaming up with Starling has allowed us to do this at a real scale for our SME customers, who will now be able to manage everything directly within the bank’s app.”
In addition to the ‘Making Tax Digital’ software, Starling has also announced a range of new tools to help customers with getting paid and managing their money. These include mobile invoicing, launching in the coming months, which allows customers to generate invoices directly from the mobile app in seconds. The bank has also introduced new business spending categories to provide better financial visibility and control for its customers.
Starling has also updated its popular AI feature for SME customers, called Scam Intelligence. Powered by Google’s Gemini models, this feature helps SMEs detect signs of marketplace scams before making a purchase. The bank has also updated its Spending Intelligence feature, which allows SME leaders to use natural language to understand their spending habits. Customers can now track their spending across the tax year, in addition to the calendar year.
Adeel Hyder, Managing Director of SME Banking at Starling Bank, said: “At Starling, we’re always trying to anticipate what our customers will need next to help make managing their money easier. All our new tools will make it smoother for business owners to run their SMEs, especially as everything is accessible directly from their bank accounts. This will help our customers save time and effort when it comes to looking after their finances.”
Starling’s ‘Making Tax Digital’ software can be found in the Government’s ‘Making Tax Digital’ for Income Tax software finder and customers can register their interest on the bank’s website.
About Starling Bank:
Starling is an award-winning, fully-licensed and regulated bank, built to give people a fairer, smarter and more human alternative to the banks of the past. Along with personal, business, and joint current accounts, Starling also offers Kite, a children’s card. The bank also provides a Software-as-a-Service (SaaS) proposition through its subsidiary Engine, using the proprietary technology platform that powers its own bank. Headquartered in London, Starling has offices in Southampton, Cardiff, and Manchester.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.