HSBC UK has integrated the accounting and tax software of London-based fintech Ember into its new financial insights tool for small businesses.

HSBC UK partners Ember for My Business Finances tool

The tool, called My Business Finances, will provide HSBC UK’s small business customers with real-time profit and loss reports alongside insights into self-assessment tax and dividend availability.

Its capabilities also extend to tax code-based business spending categorisation and invoice generation.

“My Business Finances not only automates accounting tasks but also offers greater visibility and control over finances, allowing owners to make decisions which are right for them,” explains Tom Wood, head of global payments solutions at HSBC UK.

Wood adds that the tool, which will operate as part of the bank’s online banking platform, seeks to alleviate the burden of annual tax returns and also prepare recipients for new digital tax requirements being introduced by the UK government.

From 2026, the Making Tax Digital initiative by HM Revenue and Customs (HMRC) will require businesses to submit reports per quarter, instead of per year.

The tool aims to help small businesses comply with this requirement by digitising accounts and processes and providing reminders of upcoming tax deadlines.