Hi!
Will it be/is it possible to use Mondo to generate receipts for UK self assessments?
It would be great if we could mark expenditures as either personal or business and then at the end of each month/tax year generate a meaningful database of all relevant transactions. I currently use Receipt bank for this but it requires a photograph of each receipt.
Thanks
Luke
Hi there!
Yes but it seems at the moment you can only export one at a time which is goig to be prohibitive!
There’s another thread where this is beong discussed in more detail. Hopefully this kind of feature can be implemented soon.
Thanks
Luke
I imagine it wouldn’t be too difficult to grant HMRC temporary read-only access for a certain tax year’s transactions. From there it could autocomplete much of your tax return for you.
If it’s left up to HMRC to develop that integration, it would likely take years to appear if ever at all. They are notoriously slow at modernising, although I think that’s mostly down to a highly constricting government budget.
That’s something Tom’s talked about in this video 
The API’s not open yet but once it is, HMRC or perhaps a 3rd party developer could build an app to access the transaction data temporarily.
We could even have it so that a designated accountant (chosen by the account holder) has more permanent read-only access. Their own login to multiple Monzo account for their many clients perhaps.
Although, being an API driven service, we could make an integration directly into Sage, or whatever other common accounting software they use (Xero, FreeAgent, etc), so there’s no need for them to make manual entries between Monzo and their software. Manual checks would still be advisable though.
It sure would be wildly progressive if this comes to fruition. This has got to be the future of modern banking and tax assessments.
Monzo could be used for both day to day and business reasons. When you spend money on your card the notification could offer two choices - personal or business expense - you allocate each expenditure as you go. The totals could then be automatically compiled and emailed out in whatever format once a month.
Question is does Monzo have access to all the data that HMRC need from the transaction? For example if the transaction is from John Lewis, how would HMRC know whether the purchase was a computer for business use or some furniture for home use.
and appointed HMRC Self Assessment Agents
When categorising a transaction as a business income/expense, HMRC would require a copy of the receipt or invoice. It’s already possible to add those as an attachment to a transaction so the accountant would know how to categorise the transaction in their software. It’s also been mentioned as a possible feature (see below) that Monzo could potentially read the attachment using OCR text recognition technology to determine what that purchase was for and what category it fits into and from there how much VAT to calculate for that item.
How intelligent that would be and how well it’d work is another matter. It’d probably reduce the amount of input time but I’d stress the need for a human part of the process somewhere. The various technologies required aren’t quite advanced enough yet to be able to go completely autonomous.
Currently I use Receipt Bank which successfully reads & categorises receipts based on photographs. I know there are other apps out there that do this too…
Then I’ll eat my words 
Bring on HMRC integration !!! Bane of human life