Integration for HMRC Make Tax Digital

Feedback & Ideas
1

Problem: Self employed and landlords will soon be forced to submit quarterly tax returns via approved third party software. This increases complexity, administration time and costs for those affected - expected to be almost 2 million people by 2028.

Solution: A Monzo business account with enhanced HMRC tax integrations for these customers.

  • pots for different streams of income and expenses (e.g. employment, landlord, shares for CGT etc)
  • Automated pull from bank account transactions
  • Automated quarterly preparation with a guided review for users to edit and approve each section
  • Option for users to declare additional tax reportable events e.g. overseas income and taxes, CGT losses etc)

Benefit for Monzo:

  • Pull factor for attracting new business customers
  • Additional revenue stream
3 Likes
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This is an excellent idea (and, I suspect, will become a necessity as making tax digital rolls out).

But why not also have this as a similar option for paid personal customers? Monzo could help self assessment by either providing a direct interface or a report that helps you easily transcribe the information. This could cover savings income, capital gains and dividends, charitable donations etc etc.

Feels like it could be a sizeable win for anyone who is #FullMonzo (although hopefully it’d also work with connected accounts and manual entry!) - and hopefully with some advanced features to map and graph different types of income, expenditure and tax over the years.

But, if none of that is on the cards, for the love of Tom add a financial year view to Trends!

3 Likes
3

This would be the absolute dream in my job, especially for income and balances :face_holding_back_tears:

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I would prefer direct integration into HMRC or via an approved software provider (similar to how Monzo partnered with Wise to bolt on international transfers).

I don’t want to do any manual transcription of data. My tax reportable income goes to different banks, so in my case I might as well go direct to a tax reporting software platform or accountant rather than do anything through Monzo. I’m adept at combing through transaction reports, but manual transcription every quarter into third party software is hugely time consuming. Not to mention that it comes at a cost too.

If Monzo implemented my idea as an autonomous workflow, I would switch my receiving account for all tax reportable events to Monzo. Automation would be a pull factor for self employed people and landlords to switch banks.

The time saving of this integration would be enormous. Assuming a favourable price, it would be a no-brainer.

1 Like