I have connected a credit card to my Monzo app. Its a personal card, but I set it aside exclusively for buying materials whenever I need to do that for cash flow reasons.
They show up in my activity and I can set a category for each transaction, but I cant set a tax category to mark them as allowable/disallowable expense. So is there any point connecting the card? Am I better off to manually create an expense whenever I use the credit card to buy materials?
Thanks
Hi @HandyRocker, at the moment we haven’t added connected accounts to Making Tax Digital so you can’t set a tax category on any of those transactions. Your idea of manually adding an expense is how you’d need to do it at the moment - How do I log information on money outside Monzo for my business for Making Tax Digital for Income Tax?
Ok thanks, I’ll do that.
Is there any plan to do that in future? Its all thats missing from this app to make it perfect!
Cheers
Not at the moment, but thanks for feedback! It’s really useful for us to know what people want as it helps us prioritise.
You mentioned it was a personal card earlier. What would you like us to do with non-business transactions on that connected card? Ignore them?
Also, if anyone else sees this and thinks this is something that you’d like too then head over to the “Making Tax Digital” part of the app and tap the “Give feedback” button in the top left hand corner. All the feedback entered there comes to me and the team working on Making Tax Digital.
Thanks for the response.
For me personally, I have several personal credit cards, but this particular card I use only for business expenses if/when I need to.
By doing that, the interest also becomes an allowable expense because it is exclusively being used for business transactions. I used the Sage app for a little while, it does this. You can categorise and just mark expenses as allowable or disallowable, add receipts and split if necessary, just as you do for the Monzo transactions.
