Planning

Tax-Compliant Banking Products Exploration and Proof of Concept (POC)

H M REVENUE & CUSTOMS

This public procurement record has 1 release in its history.

Planning

07 Dec 2020 at 20:38

Market Engagement Notice
Summary of the contracting process

H M Revenue & Customs is currently in the planning stage of the procurement process titled "Tax-Compliant Banking Products Exploration and Proof of Concept (POC)," which falls under the financial industry category. This initiative aims to explore the feasibility of using real-time transaction data to enhance tax determination and payment processes for Self-Assessment tax returns in the UK. The engagement period is open until 31 December 2020, with market engagement notices published on 7 December 2020, providing insights and documentation that participants can review and respond to.

This procurement presents significant opportunities for Small and Medium Enterprises (SMEs) and businesses within the financial services and FinTech sectors. As HMRC seeks to simplify tax preparation and automate processes for sole traders and self-employed individuals, companies specialising in investment management software or financial services may find it particularly beneficial to engage. Participants will have the chance to contribute innovative solutions that leverage Open Banking data and enhance user experience, positioning themselves as key players in this evolving market.

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Notice Information

Notice Title

Tax-Compliant Banking Products Exploration and Proof of Concept (POC)

Notice Description

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. Additional information: HMRC use an HMRC version of SAP Ariba Sourcing, full guidance on how to register is provided in the attachment to this notice entitled 'Ariba Supplier Guidance'. Suppliers using HMRC's Ariba for the first time will need to register at http://hmrc.supplier-eu.ariba.com/ad/register/SSOActions?type=full As part of the registration process you will receive an email. Once you have obtained your account ID (AN) number, please email e.procurement@hmrc.gov.uk with the following information: - contract title & reference (Tax-Compliant Banking products exploration & Proof of Concept (POC); SR ), - your organisation's HMRC SAP Ariba account ID, - your organisation name, - your name, - your email address, - your telephone number.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-314e59a6-539c-4b37-973e-fe2547b974af
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/7f73f4d6-d221-48bc-8a35-8a4f286639df
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Market Engagement Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

66 - Financial and insurance services

CPV Codes

48410000 - Investment management and tax preparation software package

48440000 - Financial analysis and accounting software package

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
7 Dec 20205 years ago
Submission Deadline
Not specified
Future Notice Date
31 Dec 2020Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Planning
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
H M REVENUE & CUSTOMS
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SALFORD
Postcode
M60 9LA
Post Town
Manchester
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD3 Greater Manchester
Small Region (ITL 3)
TLD34 Greater Manchester South West
Delivery Location
Not specified
Local Authority
Salford
Electoral Ward
Ordsall
Westminster Constituency
Salford

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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