Monzonaut AMA - Pavel - Business Banking

Monzo Ireland
25

Umm, no? :squinting_face_with_tongue::

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26

Hi Jack! I just checked with the team who built our Maxing Tax Digital tool and can confirm it’s now live for all Monzo Business sole trader customers in the UK - including those who joined the MTD waitlist! Here’s some more info on what it is and how to set it up:

What Monzo provides
Our MTD tool covers the full set of requirements under HMRC’s Making Tax Digital for Income Tax, directly within your Monzo app. This includes:

  • Keeping digital records by categorising your transactions
  • Managing money outside of Monzo (e.g. by manually recording cash or transactions from other accounts)
  • Submitting your quarterly updates to HMRC
  • Viewing a live tax estimate from HMRC
  • Submitting your end of year tax return

This means you can manage your bookkeeping, reporting, and submissions all in one place - without needing separate software. It’s built for sole traders and landlords who want a simple solution.

How it works
You can get started now by:

  • Opening the Monzo app
  • Going to your Business account Home Screen
  • Scrolling to “Making Tax Digital”, opening it and selecting “Start setup”

From there, you’ll connect your account to HMRC and be guided through how everything works ahead of 6 April. Once you have completed set up, then you will be able to categorise transactions from 6 April.

If you have any questions or issues, you can reach out to our support team in-app.

3 Likes
28

The question I was hoping for haha!

  1. Irish Monzo Business card - the account where I’m doing most of the testing for our Irish launch!
  2. Irish Monzo personal card

The rest are UK ones (I’m based in London):

  1. Classic hot coral Monzo personal card - still the best bank card out there IMO (but not like I’m biased).
  2. White metal Premium card - I love the metal cards and refused to give it up at the Monzo Premium → Monzo Max transfer. It expires later this year though :confused:
  3. Flex card - one of the best Monzo products in my opinion. Like my brother likes to say, I “cook my own books” with it to stay within my monthly budget when I have a big month (like this month.. I just came back from holidays).
  4. Old neon green card - just for fun but it’s expired.
  5. Monzo Business card
  6. Monzo Business expense card - very cool translucent card designs (underrated IMO); I don’t actually run a side business with employees, but have a few accounts for testing features and flows.
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29

I wish! I was living in China at the time, so I wasn’t able to jump on the early Mondo wave! :ocean:

What cards do you have?

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30

If we’re talking number one goal for Monzo, then it’s to be the best business bank account in Europe. It’s pretty incredible hearing from UK SMEs who have switched over to Monzo how much better they feel about their finances, and speaking to European SMEs hearing how similar their pain points are. Makes me super excited to bring Monzo Business to Ireland and beyond (it’s an ambitious goal, but I’m an eternal optimist!)

On a more personal note - I’m running my first 10k event tomorrow, so I hope I can push that to a full marathon in the next 5 years! (Other ones probably include vibe coding something more interesting than a to-do list, visiting Patagonia, and, if the stars align, buying my first home.)

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31

Watch this space :eyes:

2 Likes
32

Great question - and we hear this one a lot (mostly in the UK, but now in Ireland as well)!

Partnerships and LLPs are definitely on our radar, but they’re a bit more complex to support than limited companies or sole traders. They have different structures, which means we need to build the right systems and controls to support them properly, which, transparently, we haven’t prioritised just yet.

That said, it’s something we’re actively thinking about, and I just sent a screenshot of your post to the decisioning team that owns it :eyes: :crossed_fingers: