Does Tide report to HMRC?
Tide, as an FCA-regulated e-money institution and business banking platform, complies with UK financial reporting obligations including those relevant to HMRC. Tide reports financial data under the Common Reporting Standard (CRS) where applicable and must respond to formal HMRC information notices. It does not share account data with HMRC proactively through open banking — that requires your consent.
Is Tide a real bank and who regulates it?
Tide is not a fully licensed bank — it is an e-money institution regulated by the FCA, which means customer funds are safeguarded rather than covered by FSCS deposit protection. Tide provides business current accounts, expense cards, and invoicing tools for UK SMEs and sole traders. In 2023, Tide began offering FSCS-protected savings products in partnership with licensed banks, improving its protection coverage.
How does open banking work with Tide business accounts?
Tide supports open banking API access, allowing business owners to connect their Tide account to FCA-regulated accounting software such as Xero, QuickBooks, or Sage. This automates transaction import and reconciliation, reducing bookkeeping time. Tide also uses open banking-style data connections internally to power its cash flow insights and spending analytics for business customers.
Open Banking in Practice: Tide is not the same as Revolut — it is focused exclusively on UK business banking rather than consumer or multi-currency accounts. The FCA’s open banking mandate requires Tide to provide API access to authorised TPPs. For self-employed individuals, connecting Tide to accounting software via open banking can significantly simplify HMRC Self Assessment filing. Read more on openfuture.world.
FAQ
Is Tide covered by the FSCS?
Standard Tide accounts are not FSCS-protected as Tide is an e-money institution; funds are safeguarded, and some savings products now offer FSCS cover through partner banks.
Can I use Tide as a sole trader?
Yes — Tide offers accounts specifically for sole traders and freelancers, with expense categorisation and invoice tools designed for self-employed use.
Does Tide work with Making Tax Digital?
Tide integrates with MTD-compatible accounting software via open banking, helping sole traders and VAT-registered businesses stay compliant.