With the introduction of the Making Tax Digital (MTD) regulations in the UK in 2026, HSBC hopes to assist these companies in becoming ready. The present yearly data submissions will be replaced by quarterly financial reporting under these regulations.

HSBC is going to provide real-time profit and loss, self-assessment tax, and available dividends reports to its business clients in the UK through its online banking platform. With this action, HSBC puts itself in a competitive position against well-known suppliers of accounting software, such Xero Ltd. and Sage Group Plc.

The tax regulation changes, according to Ember co-founder Dan Hogan, are a "insanely big" opportunity for banks. He pointed out that the majority of the 1.75 million impacted company owners in the UK do not have the tools needed to keep digital tax records. Ember disclosed in a different statement that it has raised an additional £4 million from investors, including Shapers and Valar Ventures.

Tom Wood, HSBC UK's director of global payments solutions, emphasized that small business owners would rather concentrate on development and expansion rather than deal with the time-consuming nature of accounting responsibilities. According to Wood, small company owners would much rather be looking for new prospects, fulfilling orders, and growing their businesses than spending a significant amount of time on tedious accounting procedures.