SMART from untied and tomato pay
untied is leading the tax components of the transformational SMART initiative alongside our partners at tomato pay, the new name for Fractal Labs whose innovative technology and APIs power the core of the initiative.
SMART – SMEs Manage Accounts Receivables and Tax – helps sole traders and micro-businesses manage the most important areas of their working capital – revenue, costs and cash.
SMART is backed by the Banking Competition Remedies (BCR) Capability and Innovation fund, designed to improve the financial products and services made available to small businesses.
SMART is available as a set of components that are available to partners as a standalone app or integrated into your own products.
Serving the nation’s sole traders
The SMART component help all SMEs, and especially sole traders. These businesses are key drivers to the UK economy, however, they are often overlooked by traditional financial services.
Sole traders that have no employees make up 4.4 million of the 5.9 million small businesses in the UK. These can range from street market vendors and restaurants, to hairdressers, electricians and plumbers. Sole traders represent a fast-growing segment of the population and are expected to constitute a third of the UK’s workforce by 2025.
That’s why tomato pay and untied have developed SMART.
Bring SMART to your users now
SMART is available to partners through a standalone app, or integrated into an existing or new service via API. Simply email us to find out how.
Available now
Account-to-account payments
99% coverage of all bank accounts
Account aggregation
Tax submission
Tax optimisation
Forecasting
Making Tax Digital
Coming soon
Invoicing
Roadmap
Borrow against invoices
How SMART helps businesses collect money
In 2019, UK SMEs were owed on average £25,000 and faced delays of 25 days. Late payments result in the closure of 50,000 small businesses each year.
SMART empowers sole traders to easily invoice customers, and track and incentivise payment through discounts and penalties using best in class behavioural science techniques. Payments are embedded in the invoice, minimising the friction in the payment process and putting dynamic control of payment instructions in the hands of the business.
How SMART helps businesses manage costs
KPMG research indicates tax is the second largest cost for an SME. Sole traders bear the burden of interpreting and meeting HMRC’s tax requirements, resulting in 67% of sole traders hiring an external accountant to manage parts of their taxes, paying them up to 3-5% of their annual turnover.
SMART empowers SMEs to optimise their taxes, and to prepare and file with HMRC at a fraction of the cost of an accountant.
How SMART helps businesses with their cash flow
SMEs suffer from limited visibility into future cash flows. Insufficient tax planning contributes to a shortage in working capital particularly towards the end of the financial year when tax payments are due.
SMART aggregates bank transaction data, invoice data and tax data into one place, provides an intuitive cashflow forecasting tool that surfaces potential cash shortfalls, and proposes tangible mitigating actions in the form of financing and insurance solutions.
Bring SMART to your services now