UK: Countingup launches banking app, combining banking with accounting tools

Countingup, a new startup in the UK, is to launch a banking app that combines banking services with accounting software.

The app, founded by Tim Fouracre, former CEO of ClearBooks, is aimed at SMEs, particularly sole traders, and will allow them to open a business current account on their smartphone. On top of this, the app will offer automated accounting services, such as the submission of VAT returns, generation of profit and loss reports, and invoices.

The new bank app has been developed in response to the Government’s Making Tax Digital (MTD) scheme, which is set to begin in 2019 and will require businesses to conduct VAT, income tax, and corporation tax filings online on a quarterly basis.

Currently, SMEs are able to download the app from Google Play or the App store to get on the waiting list, where the first 100 businesses to sign up will receive a free account following its official launch in 2019.

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