Vat Direct has just launched its Open Banking Service with account consolidation and downloaded bank statements from a range of UK banks.
"We are pleased to confirm that our clients can now use Open Banking to access bank information," said John Hemming CEO of Cirrostratus Exedra Ltd who operate the Vat Direct Service. "Combined with Making Tax Digital for VAT and Income Tax/Self Assessment. Our clients can now monitor all of their bank accounts on a single web page and download the statement automatically into our cashbook."
To offer Open Banking companies need to be registered with the FCA as either AISP (Account information providers or PISP payment service providers.) Cirrostratus Exedra Ltd is registered with the FCA with registration number 834721.
"It is a bit odd," said Mr Hemming, "that the extraction of bank information is called a 'payment service' when people cannot use the system to instruct payments. That, however, arises from the legislation and how it describes the various services."
"What our systems offer is a set of web pages that enable a business to monitor its financial position both with its bankers including any credit card accounts as well as keeping track of balances with HMRC."
"For smaller self employed people we enable them to handle their tax records and submit both Vat returns and Income Tax Returns. This can be done simply by downloading the bank statement into our cashbook, coding up the statement for tax purposes and then submitting it to HMRC."
"Our service is also useful for larger businesses although they would use the bridging system to submit VAT returns, but the ability to monitor a range of bank accounts at more than one institution is a useful treasury function for any organisation that operates with more than one financial institution. Each legal entity can have its own set of financial authorisation records which then brings togther the information for each legal entity on a single page."