SumUp introduced a brand new, free providing, powered by Sage, that can assist UK retailers put together for brand spanking new compliance obligations from the Making Tax Digital for Earnings Tax (MTD) mandate, which comes into impact in April.
The brand new providing leverages AI to streamline workflows and scale back the executive burden for retailers, whereas serving to retailers meet MTD necessities.
Based in 2012, SumUp gained Better of Present in its Finovate debut at FinovateEurope 2013 in London.
Simply in time for tax season, worldwide funds supplier, SumUp, is launching a brand new tax preparation providing. Powered by Sage, the answer might be embedded into the SumUp platform interface and is designed to assist retailers within the UK take care of new tax reporting rules coming into impact in April.
“At SumUp, we’re dedicated to constructing a world the place each service provider can thrive,” SumUp SVP of World Banking Felix Lamouroux mentioned. “Retailers don’t begin a enterprise for the executive aspect of issues, but they’re more and more having to adapt to remain on prime of latest rules.”
Particularly, the brand new regulation—Making Tax Digital for Earnings Tax (MTD)—will mandate that sole merchants with incomes in extra of £50,000 per 12 months document their revenue and bills digitally and ship quarterly tax reviews to the HMRC as a substitute of full tax returns. Unsurprisingly, sole merchants have some work to do to be able to be able to comply by the April 6 deadline; in response to analysis from Sage, 70% of sole merchants will not be ready to fulfill compliance obligations, as a substitute nonetheless counting on spreadsheets (or worse, pen and paper) to finish their self-assessments. The brand new providing from SumUp brings finance-grade AI capabilities into on a regular basis workflows to assist sole merchants streamline their revenue tax reporting and guarantee compliance with HMRC necessities together with MTD.
“Making Tax Digital for Earnings Tax represents a major shift for sole merchants, and too many are nonetheless unprepared for the change forward,” SVP for Fintech & Embedded Providers at Sage, Gordon Stuart, mentioned. “By embedding Sage’s accounting and tax capabilities, together with AI-powered auto-categorization of transactions, immediately into the SumUp interface and expertise, we’re eradicating complexity the place small companies already handle their cash.”
The mixing of Sage’s embedded accounting know-how transforms the funds, expense, and banking knowledge already within the SumUp ecosystem into compliant MTD for revenue tax reporting. SumUp mechanically captures all related income streams—not simply digital transfers—with out guide enter, recording and categorizing revenue and expense knowledge in actual time. The mixing not solely permits sole merchants to organize and file on to the HMRC from inside the SumUp interface, it additionally offers customers a real-time estimate of tax liabilities to facilitate forward-looking money movement administration.
“This collaboration brings revenue tax reporting into on a regular basis workflows, serving to sole merchants keep on prime of their obligations without having specialist data or extra software program. It’s a transparent instance of how embedded accounting know-how can meet small companies the place they’re and make compliance less complicated, extra intuitive, and extra accessible,” Stuart added.
Based in 1981 and headquartered in Newcastle upon Tyne, England, Sage focuses on offering software program options for payroll, monetary administration, human sources, and extra. The corporate’s Sage Intacct answer is a cloud accounting and monetary administration platform that permits customers to attach knowledge, scale back guide duties, and leverage AI brokers and automation to safe real-time insights. Utilized by greater than 30,000 finance groups and with 350+ integrations, Sage Intacct has helped establishments shut books 70% sooner and obtain a fivefold return on funding (ROI) inside six months.
SumUp gained Better of Present in its Finovate debut at FinovateEurope 2013. Within the years since then, the corporate has grown into a world funds options supplier serving greater than 4 million retailers in 37 markets. SumUp’s partnership information with Sage comes only a month after the corporate unveiled its newest card reader, Solo Lite, a conveyable and easy-to-use fee answer for small companies and entrepreneurs all through Europe.
“Solo Lite advantages from over a decade of studying from retailers—it’s all the time been our quest to make enterprise as easy for the 4+ million companies of all sizes we assist globally,” SumUp Chief {Hardware} Officer Tomer Sabag mentioned. “When it got here to designing Solo Lite, it was vital that we delivered to market a product that wasn’t simply reasonably priced however highly effective, and might be a day-to-day accomplice of a service provider.”
Based in 2012, SumUp is headquartered in London. Luke Griffiths is the corporate’s UK CEO, appointed in October 2025.
Picture by Kelly Sikkema on Unsplash
Views: 1