Providing tax information to HMRC 💰🏦

(Thomas Purchas) #65

You will only get the email if you are currently marked as tax resident in a reportable country. If you think you’re data is wrong then you will need to update it in the app before 31 December 2018.

On both apps it’s Account > Profile > Tax Residency (near the bottom)

(Dawid) #67

But the problem is you can’t select “none”. There’s no such option and not even an option to remove the default when I was a tax resident while signing up for Monzo

(Thomas Purchas) #68

Are you sure that you’re currently not tax resident in any country at the moment? Just because you don’t pay tax doesn’t mean that you’re not tax resident anywhere.

Normally tax residency is determined based on where you live (or where you generally spend the most time). I would also say that generally we prefer not to provide an accounts to people who aren’t currently UK residents. It introduces complexity like this that we can’t currently deal with.

(Dawid) #69

I am sure… In order to be a tax resident in most countries you need to live there at least 6 months out of a year. Some even more. Right now I do not stay more than 3-4 months in one country, not to mention that I don’t work (just volunteer).

I totally understand your position, hence I select UK because that’s where my banking is and in the end that’s where I return but technically it is possible. However I think you’re right that you might not be able to provide an account to people that do not have tax residency, I got similar info from my Polish bank. I guess it’s European law that triggers it. To me it’s a step backward because there’s a lot of freelancers that are not self-employed/registered businesses and would that mean they would lose their accounts because they do not have tax residency anywhere if they are nomads jumping from country to country?

(Jolin) #70

You can be tax residence if you’re in the UK for as little as 30 days, and possibly less. Starting point for understanding UK tax residency rules:

(Dawid) #71

Yes the second part is very vague in my opinion but that’s why I always chose UK residency as, after all, I consider it home, even though I’ve been away for a while

(Tom) #72

If someone only pays tax in one of those areas and NOT the UK does that mean they’ll no longer be able to use Monzo?


No. Being a UK tax resident isn’t connected to residency, Monzo requires a UK residency.

(Ketan Panchal) #74

Hi there I am a UK citizen (born) and work here but I also have permanent residency status in canada but I haven’t moved there yet so I don’t earn an income from Canada. Do I still have to declare my tax residency for Canada?

(Tom) #75

Unfortunately Monzo can’t offer any tax advice, you need to talk to a tax specialist/advisor.

(alabdulhadi) #76

hi, i am a monzo card holder and i am currently living in Kuwait temporarily and i used Kuwait as my tax residency even though their are no taxes here. But i still have my UK address and i recived the email should i change my tax residency country ?


Unfortunately Monzo can’t give you any advice (and nor can I as I just don’t know!)

The best first step might to be read government advice. Here’s what it says on GOV.UK:

(MG) #78

Hi! I got this email too. I was living & working in the UK for 2 years but left in March 2018 after my visa expired & moved back to NZ. I signed up to Monzo in February 2018 I believe and just put NZ & UK down but I was probably only a UK tax resident at the time of signing up (Just got confused by the question). Anywho, im back living & working in NZ. What do I need to switch my tax residency to? My monzo has less than 10 pounds on it.

(MikeF) #79

As has already been pointed out, I’m afraid that, legally, Monzo isn’t in a position to advise you on this in any way other than to suggest you look into the tax rules of NZ.

With only £10 in the account, however, I’m not sure it will a material effect on your future taxation either here or there.

(MG) #80

Understood! Just a bit confused at the moment cause of the part year thing. Ive read on the uk.govt site on tax on foreign income that you are considered a resident if you spend more than 183 days in the country from the tax year April - April, so if theyre talking about April 2017 - April 2018 then yes I was a UK resident. I dont have residency in the UK anymore as my visa expired March 2018 so do you think its best I just cancel my monzo account? It has barely anything in it so probably not much use anyway! But it was great for traveling around Europe & as a foreign currency card which is the only reason I was hanging onto it


I’m not sure you’re meant to have a Monzo account without legal residence in the UK? Probably best to just transfer the money to something like Transferwise Borderless, exchange it to NZD and then to close your Monzo. Saves the tax stuff as well since it’s only reported at the end of the year.

(Dan) #82

You only need to be a resident to open an account. Fortunately you don’t need to remain a resident to keep your account open.


Are you sure? Seems a bit silly to allow someone who has no business with a bank in this country to have an account in it, if you get what I mean?

For instance, Revolut makes you close your account when you move out of the EEA.

(MG) #84

Is the tax year you are needing a declaration for April 2017-April 2018 or April 2018- April 2019? Thanks.

(Jolin) #85

Yes :tada: