DIGITAL ACCOUNTING UPDATES

HMRC PASSWORD UPDATES

HMRC will be changing its password rules this month, we recommend that use the HMRC password reset service to create a new password. You should then use your new password to access HMRC’s services from FreeAgent/QBO/Xero. If you choose not to reset your password, you may not be able to access HMRC systems and FreeAgent/QBO/Xero from April.

OPEN BANKING AND ONLINE ACCOUNTING

Currently, FreeAgent/QBO/Xero have open banking feeds live for most of the key banks in the UK. Theses online accounting platforms rely on the banks to make this technology available and when they do, the platforms work on building the bank feed. However, not all banks have completed this and as a result some feeds will stop working. As a result of the changes made to PSD2 legislation, many Yodlee bank feeds stopped working in March. If you still have a Yodlee bank feed, you will need to switch to open banking or upload your bank statements manually.