Revolut firing on all cylinders

This week, Revolut announced a very bold deal with VISA that will bring the headcount at the UK Fintech from 1,500 to 3,000 and the number of countries it operates in to 24 (including the US, Japan and Singapore). It could also lead the challenger bank to triple it customers base, from 8 to 24 million in the span of a single year.

But expanding its retail reach is not the only thing Nik Storonsky has been doing. They have been hard at work filling the gaps in their business offering too. Recently, thanks to their recent banking license, they have been able to start silently rolling out Direct Debits in the UK. After unique IBANs, that was one of the most often requested feature from businesses in the UK. Indeed, as much as you can do without cheques or branches, you cannot without Direct Debits. Many suppliers (and insurances or pension providers are such suppliers) will insist on being paid using the UK Direct Debit system. And unless you can offer the feature you can never replace the incumbents.

It has also done something that legacy banks used to do and have since stopped for some reason: get partners on board to help grow their business. As an accountant we are at the right place to nudge customers to one bank or another when we create a company. Not for the money (the commission a bank can give is too tiny to make a difference) but for the client experience. And Revolut understanding that, they are now asking accountants to help the onboarding process and offering extra features to our clients in exchange.

So, as a client of TaxAssist Accountants, if you open an account with Revolut, you’ll get exclusive access to a global business current account for easy international payments, with prepaid business cards, easy integration with Xero and other tools. You'll be able to hold, receive, and exchange 28 currencies without unfair bank charges or hidden FX fees.

And on top of that you'll be entitled to the following if your signup through our referral link: 

• 1 month free access to any of the premium plans (see all plans here) 
• Priority customer support: this means your are put into a priority support queue and your enquiries are answered first before regular customers. 
• Early access to new features (e.g. merchant acquiring to accept card payments online, FX forwards etc...) 
• Dedicated training video with the Revolut Business team account

So if you are a client of ours, and if you think that Revolut can provide an answer to your banking woes, do not hesitate to reach out! Alternatively, please use our referral link to open the account. 

Granted, Revolut has been doing just fine as a specialised financial institution focussing on cheap Money Transfers and Foreign Exchange but the company wants a much bigger pie of the banking business and if current behaviour is any indication, it's well on its way...

UK tax system loosing competitiveness

While the UK has a competitive tax system it risks being overtaken by other economies easing tax burdens for businesses, according to a new report from PwC. The latest global league table, compiled by PwC, the World Bank and the International Finance Corporation, shows that the UK's position is under pressure as other nations are making paying taxes easier. The UK is now in 18th position in the league table of 183 economies, down from 16th position last year and 11th place in 2006.

The report assesses tax regimes by measuring the total tax costs, number of payments and the time necessary to comply for a case-study flowerpot firm. In compiling the data, all the mandatory taxes and contributions that a medium-sized firm must pay in a given year were considered. Taxes and contributions measured include corporate income tax, social contributions and labour taxes paid by the employer, property taxes, property transfer taxes, dividend tax, capital gains tax, financial transaction tax, waste collection taxes, vehicle and road taxes, and other minor taxes or fees.