I’m recently living in the UK, where I plan to stay for only 3 years. Although working here, my wage and tax residency stayed in my home country. When I decided which bank to choose before coming, Monzo seamed a perfect choice as I was able to open an account fast and easily, without depending upon some questions and complication of high street bank. I’m sure it was a great choice as I’m loving Monzo and all the community involvement.
My financial life in UK can be summarized as a monthly transfer from my home country Euro account to pay the house monthly rent, the supermarket and all other expenses. I also have enough to spare to a savings pot, currently the Investec Flexible Savings 1% earning pot.
With the earnings I get from the saving pot, I must declare them early to my home country financial services, but here comes the problem: how can I do it?
I’ve tried the help chat but couldn’t get a statement with my (sparse) 2018 earnings to present in my home country early tax declaration.
As live in a EU country, I guess I have to trust in the automatic report Monzo should make to HMRC.
The present situation (Monzo not being able to get me a statement with my earning for my anual tax declaration) is holding me back to transfer higher amounts to Monzo and its saving pots/accounts.
How does Monzo reports to HMRC works? What it contains? Does HMRC inform my country tax services about my revenues?
Can anyone help me understand this issue and why Monzo is so resistant to statements (still waiting for single payment statement to be implemented) ?