How do I split a transaction in Monzo’s Making Tax Digital submission tool?

First, tap on the transaction that you want to add a split to, which opens the transaction details screen.

Next, tap on Add tax category to bring up the list of tax categories to select from, then tap Split income or Split expense (depending if the transaction was incoming or outgoing).

Next, tap on Add a split. This allows you to add multiple tax categories to the transaction. The whole transaction must be categorised or you will not be able to save the split. Once you have added the categories, tap Next.

Now you can enter how much of the transaction sits in each category. Any funds that have not been categorised will create a warning of missing details in the transaction details screen and the Manage Tax section of the app. Once you split the amounts into each category, tap Next.

Next, you can set how much of each amount is allowable (a business transaction that needs to be reported to HMRC) or disallowable (part of the transaction which is not business related). Once you have set the amounts that are allowable or disallowable, tap Confirm

This will open the split overview screen so that you can check all the details are filled out and correct. Once you are finished, tap Save to log the split on the transaction.