Business Banking - Tax self assessment estimate

Hey,

I’ve just joined the Monzo Business Banking and I was wondering if there is anything in the pipeline for it to help generate your tax self-assessment?

It knows water thing with the categories to help figure out and it would be a good pro feature an stop people needing to use another platform to do this…

1 Like

That would be quite hard to do I would think.

I’m not sure it would be actually

Starling already do it Small business accounting toolkit - Starling Bank

1 Like

That seems overpriced for what it does and very limited.

Cash based accounting is quite limiting.

And it looks like it cannot handle any type of reliefs, assets, depreciation costs, interest, loans, dividends.

Doing simpletax or Xero would probably be cheaper and easier to use.

The Starling Business Toolkit is much cheaper than a number of accounting services aimed at small businesses. I’m thinking the likes of QuickBooks, Xero, FreeAgent, etc.

I think it should be pretty easy for basic situations (sole traders who run everything through Monzo). But whether that’s worth doing, or could scale effectively, I don’t know.

I’d be interested in something similar for the personal account, actually. Either as part of Plus or a reasonable one off cost.

Like everything for some people it will have value, for others it doesn’t I guess.

Luckily there’s a lot of choice!

I know what you mean. Apart from my Monzo app I’m not that good with technology for this sort of thing but I like to try things. Some friends have said I should use special accounting software, but I’m not sure. I don’t do VAT returns and they seem too complicated (and expensive) for my business.

That said, my son recently found an app called untied www.untied.io which I have started using. It shows me all my Monzo transactions and I just click the ones every week that are for my business and it works out and shows me all my business income, expenses and tax. I used it last month to file my self assessment. Really easy even for me!

1 Like

Oh cool!

I don’t have any business/sole trader income, but because Reasons, I have to provide a self assessment form.

I think there might well be a market here. As finance becomes more democratised through apps like Dozens and Freetrade, and with the rise of crowdfunding, you may well end up being better off (or even expected) to complete self assessment. Imagine if you could do the basics through the Monzo app! :hot_coral_heart:

1 Like