Embedded Accounting with your Business Banking

My Business Finances, powered by Sage helps sole traders and landlords stay on top of cashflow, tax and profitability with a set of new accounting tools. It is provided directly within Business Internet Banking and the HSBC UK Business Banking app for eligible HSBC UK customers.

Digital tools within My Business Finances will include: automatic transaction categorisation, generating accounting reports, tax estimation, filing tax returns with HMRC. New tools will be added as functionality grows in My Business Finances such as generating, sending and managing invoices and uploading receipts. Fees will apply for certain services depending on the service package you choose.

My Business Finances, powered by Sage is available directly within Business Internet Banking and the HSBC UK Business Banking app. To help you track how your day-to-day transactions may impact your tax position, My Business Finances automatically suggests categories for them. You can review these categories, understand your cashflow, add extra information, stay on top of your finances and prepare for Making Tax Digital. Fees will apply for certain services.

Only a primary user can set up and operate My Business Finances. The primary user must have the authority of the business and consent to sharing account information with a third party. The primary user will be asked to review the accounts from which we will share transaction data.

Yes. My Business Finances will be available within Business Internet Banking and the HSBC UK Business Banking app only. It cannot be accessed through an HSBC UK branch, Business Telephone Banking or any other HSBC UK online service. My Business Finances cannot be accessed directly through Sage.

Sage is one of the market leaders for embedded accounting, payroll and payment systems. With over 40 years’ experience supporting small businesses, My Business Finances is powered by Sage’s innovative embedded accounting software.

If you already use Sage for your Making Tax Digital requirements, it will not be possible to transfer historic transaction and tax data to My Business Finances. Instead, you will need to get set up on My Business Finances without the historic information on the Sage platform (e.g. financial reports or analysis).

Yes. My Business Finances can help you be ready for HMRC’s Making Tax Digital requirements, by setting you on the right track towards digitising your business accounts. Say goodbye to trusting your tax and admin tasks to paper and memory. The calculation tools can help you understand your potential estimated tax and business income from your eligible HSBC UK accounts, for peace of mind on where you stand. HSBC UK does not offer tax advice.

My Business Finances, powered by Sage offers a seamless embedded solution within your HSBC UK business bank account so you can manage your accounting needs and your business finances in one place. No need for additional account set up or managing multiple subscriptions.

Depending on the service package you choose, free tools will be included with enhanced options available for a fee.

You can manage your own small business accounting, as long as you are using digital software that is compliant with the HMRC Making Tax Digital for Income Tax requirements, such as My Business Finances.

You’re required to use HMRC Making Tax Digital compatible digital accounting software for Making Tax Digital for Income Tax from 6 April 2026 if you’re not exempt, a sole trader or landlord and your total qualifying income from self-employment and property is over £50,000 in the last tax year. Future rollout will see this qualifying income threshold lowered.

From April 2027, if you have annual qualifying business or property income of over £30,000.

From April 2028, if you have annual qualifying business or property income of over £20,000.

There are different reasons why you may be exempt from Making Tax Digital for Income Tax. For example, you could be exempt if you are digitally excluded.

If you are exempt, you will not have to use Making Tax Digital for Income Tax but you must continue to report your income and gains in a Self Assessment tax return as normal.

Please review HMRC guidance for further information Find out if you can get an exemption from Making Tax Digital for Income Tax - GOV.UK

HSBC does not provide tax advice.

Upon release, My Business Finances will not support foreign currency accounts or transactions from other banks. Your primary bank account must be a GBP Small Business Banking Account or Business Banking Account. For transactions from other banks, you are able to manually add these within your transactions list in My Business Finances. Future updates to My Business Finances will allow you to add other income sources in more than one currency. You are responsible for accurately filing your tax return and making payments on time to HMRC.