MONEYSUPERMARKET LAUNCHES BUSINESS BANK ACCOUNT BUNDLING TOOLS TO HELP WITH MAKING TAX DIGITAL
Daily Mail journalists select and curate the products that feature on our site. If you make a purchase via links on this page we will earn commission - learn more
Moneysupermarket has launched a business bank account following the introduction of its saving and investment platforms.
The comparison website says the new service should help small businesses meet Making Tax Digital requirements, now that those with an income of over £50,000 must hit the digital reporting deadlines.
Fees start at £5 a month for up to £750 of total monthly deposits. Above this it's £12 a month, which then steps up to £20 a month for more than £7,500 of deposits.
There's no free subscription tier unlike similar options provided by the likes of Monzo, Starling and Tide.
But there's a free three-month trial that gives you access to all the features of the account.
You'll still need to pay transaction fees, although the first three account transfers or direct debits each month are free.
Lis Barton, chief customer officer at Moneysupermarket, said the account is 'designed to take the hassle out of managing company finances, with built-in tools like real-time transaction tracking and automated expenses categorisation to help with Making Tax Digital requirements'.
> Find out more at Moneysupermarket*
How do business banking tools help with Making Tax Digital?
The first Making Tax Digital deadline for sole traders and landlords with a qualifying income of over £50,000 was on August 7.
These businesses are now required to keep digital records of all business transactions and submit quarterly updates of income and expenses.
A dedicated, digital app-based business bank account such as Moneysupermarket has tools to track and categorise these.
You can also submit a VAT return directly from the account, meeting Making Tax Digital for VAT requirements.
With fees starting at £5 a month, it's worth checking whether the free tiers offered by other business bank accounts will meet your needs, especially if you're just starting out.
At the beginning of July, we revealed that sign-ups for Making Tax Digital have been sluggish – and according to HMRC figures, more than 400,000 missed the August deadline.
There are no penalties for missing quarterly updates in the current tax year, but these will start applying from April 6, 2027.
If small businesses and sole traders haven't yet joined Making Tax Digital themselves, HMRC will start signing them up from September.
Moneysupermarket launched saving and investing services earlier this year
Moneysupermarket is best known as a comparison website, however the business bank account marks its latest foray into launching its own services.
These include a savings platform, which lets you compare rates and shift your money to different accounts using just one log in. Similar services include Flagstone and Hargreaves Lansdown Active Savings.
Moneysupermarket has also launched an investing service offering a limited choice of ready-made investments and exchange-traded funds.
You can open both a stocks and shares Isa and a general investment account.
We said that Moneysupermarket could be good for beginners who are starting to build an investing habit – however there are cheaper options available elsewhere.
The annual account fee is 0.34 per cent of the value of your investments. But it's possible to find platforms that don't charge account fees at all, including Freetrade*, InvestEngine* and Prosper*.
2026-08-17T15:50:19Z
