How do I log information on money outside Monzo for my business for Making Tax Digital for Income Tax?
Alongside your Monzo Business account, you may also use cash, your personal account or other bank accounts for your business finances. These transactions still need to be included in the summary that is sent to HMRC, so you can add what we call a manual transaction to record these funds in our submission tool.
To add a manual transaction in the Monzo submission tool:
Tap on Manage money outside of Monzo in the Home screen or the Manage Tax section of the app.
This will open the manual transaction overview screen. From here the you can tap on Add a transaction
First, you will need to select whether the transaction is income or an expense.
Next you must enter the following details:
a name
the amount
when the transaction happened
Next you select a tax category. From this screen you can also add a split if some of the transaction is not business related or if the transaction needs multiple tax categories.
This creates the manual transaction and takes you to the details screen for that transaction where you can upload a receipt or add notes. Tap the arrow in the top left to see the list of all manual transactions you have logged.
You can also tap on any manual transaction in this list to open the details and edit the information that you entered.
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