https://www.contractsfinder.service.gov.uk/Published/Notice/releases/7f73f4d6-d221-48bc-8a35-8a4f286639df.json
HM Revenue & Customs invites suppliers, including those from the financial industry & FinTechs, to contribute to building our knowledge regarding the possibility of using real-time transaction data in banking products for streamlined tax determination, automatic calculation and payment to HMRC, simplifying this process for tax payers. This Request for Information invites suppliers to provide information you think may help HMRC and the financial industry develop the concept. FOCUS Currently Small and Medium Enterprises (SMEs), sole traders and self-employed individuals are required to manually complete and submit a Self-Assessment tax return. We want to fully understand the feasibility and potential uses of accessing real-time transaction data through Open Banking (OB) directly from business banking products and the application of automated tax determination, calculation and payment to HMRC. We plan to investigate what activity might be centralised to a bank account or banking application to simplify the process for tax-paying customers, and what related functionality, connectivity and regulation would be required by all involved parties for this to work. SCOPE •How can we make tax calculation frictionless for everyday business transactions? •How feasible is it to calculate and take tax in real-time in / from business banking products, and submit it directly to HMRC? •What activity can feasibly be centralised to banking products to support and simplify the preparation and calculation of income tax, VAT, Corporation and other taxes (e.g. self-assessment tax) for small and medium enterprises / sole traders / self-employed customers? •How can we better leverage the PSD2 mandate to give open access to banking data in order to improve products and services available for the sole trader and small businesses population? •What appetite is there for this amongst sole traders and small businesses? •How can we determine if there is a user need within the targeted user group? Full details of the purpose and intended deliverables for this project are provided within the RFI and as an attachment to this notice. The RFI is scheduled to close on 31/12/2020 HMRC use an HMRC version of SAP Ariba Sourcing, Suppliers are requested to register with the HMRC version of SAP Ariba (see Additional Information and the Ariba Supplier Guidance for further details of how to register), review the background information provided within the RFI and respond to a brief set of questions giving your feedback on the areas HMRC are seeking to increase our knowledge.

Status: planning

Street address: 5th Floor West Ralli Quays
Locality: Salford
Postal code: M60 9LA
Country: England