Making Tax Digital for Income Tax with help from Lloyds

Launching soon: the accounting tool to help you stay on track for new HMRC rules coming April 2026

  • File your tax direct from online banking to HMRC.
  • Free for Business Account holders coming under the new HMRC rules.

Check if your business comes under new HMRC rules

Launching soon: the accounting tool for Making Tax Digital for Income Tax

Digital record-keeping

Cut the paperwork. Categorise income, sort expenses as you spend and snap a photo to save receipts.

Simple updates for HMRC

Send quarterly income and expense information and get up-to-date tax estimations.*

Free for Lloyds customers

The new accounting tool will be included with our Business Account and available in Online Banking at no extra cost.

*Launching for the first quarterly update.

What is Making Tax Digital for Income Tax?

 

HMRC is digitising Income Tax reporting for sole traders and individual landlords already registered for Self Assessment. If your qualifying income for the 2024/25 tax year was over £50,000, there’s new rules for how you report information for Income Tax.

Instead of submitting a single Self Assessment tax return once a year, sole traders and landlords with qualifying income will need to:

  • keep digital records of income and expenses in software that works with HMRC’s Making Tax Digital for Income Tax service
  • send quarterly updates that summarise income and expenses
  • submit tax returns by 31 January.

Read more on new HMRC rules

HMRC is digitising Income Tax reporting for sole traders and individual landlords already registered for Self Assessment. If your qualifying income for the 2024/25 tax year was over £50,000, there’s new rules for how you report information for Income Tax.

Instead of submitting a single Self Assessment tax return once a year, sole traders and landlords with qualifying income will need to:

  • keep digital records of income and expenses in software that works with HMRC’s Making Tax Digital for Income Tax service
  • send quarterly updates that summarise income and expenses
  • submit tax returns by 31 January.

Read more on new HMRC rules

 

New to Lloyds?

Join the 1 million businesses already banking with us. Apply for a Business Account online in minutes and:

  • get an instant decision on lending**
  • pay no account fee for a year (if it’s your first account with us) - then £8.50 a month
  • access the new accounting tool for free, as soon as it’s available.
More on Business Accounts

**Any lending decision is based on your financial information and our credit checks. No outcome is guaranteed. 

Stay on track for Income Tax without the hassle

 

Simplify tax and save time

With the new accounting tool your income and expense information will be automatically pulled through from your Lloyds account. Meaning fewer paperwork headaches - and better ways to spend your time.

Simplify tax and save time

With the new accounting tool your income and expense information will be automatically pulled through from your Lloyds account. Meaning fewer paperwork headaches - and better ways to spend your time.
 

No extra tools. No extra costs.

The all-in-one way to manage your finances and meet Making Tax Digital for Income Tax requirements. Get peace of mind knowing that you’ve got everything covered without needing to find another business software to meet your needs.

No extra tools. No extra costs

The all-in-one way to manage your finances and meet Making Tax Digital for Income Tax requirements. Get peace of mind knowing that you’ve got everything covered without needing to find another business software to meet your needs.

Do I need a business bank account?

Understand the rules around which types of businesses are legally required to have a business bank account, along with the benefits of having one.

 

Separating your finances

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