Tax Pots need a slight tweak

Monzo Chat Business Banking
1

I was surprised to see that tax pots had been enabled on our business account yesterday, so obviously immediately turned it on, intending to put VAT aside in a pot.

However, the tax pot only lets you set 10%, 15%, 20%, 30% or 40% of the incoming payment to be put aside. Since I’m trying to put VAT to one side, and the incoming payment includes 20% VAT, I actually need to put aside 16.66% of the payment to accurately reflect what my VAT bill will be.

Is there any reason that we can’t be trusted to specify a percentage rather than having to pick from a list?

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2

I think the point is for setting aside your income tax and how much per invoice you want to set aside. Vat is more complicated. For me I wouldn’t want automatic setting aside for my vat as not everything on my invoices can have vat charged.

3

You make a fair point and perhaps my needs are a bit simpler as I know for a fact every item on every invoice we issue will have VAT attached.

However, every business is going to have differing needs and to me it seems needlessly restrictive to have a predefined list of ‘tax rates’.

Don’t me wrong, I’m not complaining really, just pointing out where I think a worthwhile feature could be improved!

4

Oh I know what you mean, it’s a good idea I just think monzos offering is for income tax, so it needs to be expanded.

They need custom options, I am guessing you are on flat rate?

5

No, just a very consistent product and customer base.

Thinking on it a bit more, it’d be awesome if you could set up a pot to track an account balance in, say, Xero, and have it automatically move money in and out.

That being said, if you were that bothered about it you could cobble something together with the API.

6

Agree with being able to specify a percentage. I’d also like to be able to create multiple pots - one for VAT and one for Corporation Tax. I can see how that would be trickier though - hope it will be possible in future.

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7

Also, have just noticed that there isn’t an option for 35% (which would be an approximate total of VAT and CT). Could we get that as an option if the other requests will take longer?

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