Using Monzo as a sole trader

Could anyone tell me the best way to log my expenses with Monzo please? Do you use hashtags or just the Expenses category?

Also is there a way to export all such hashtags/categories into a spreadsheet for self assessment purposes?


Do you have a Monzo business account?

Sorry I should have clarified that.

No, it’s just a normal current account

If you don’t have a business account, is definitely recommend using an account (Monzo or otherwise) only for the business.

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Get a Coconut account,

I use it until I can get a Monzo Business account :wink:

Only issue with it is that the 1st transaction duplicates the total, apparently for security but is fine for every recurring transaction with that company afterwards, I have been using it since Mid June

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Thanks. I currently use Curve with Monzo for expenses, but the Curve card doesn’t work at a lot of pay at pump petrol stations, so was hoping to use Monzo for everything. Maybe a completely separate account is the way to go…


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Thanks I’ll take a look

Unnecessary for lots of sole traders.

What is?

Just so you know, we don’t let people use their personal accounts for business purposes. There’s a bit more info on that here :blush:

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Sure. It makes it easier to separate business income and expenditure from personal funds, though.

Also, what @Dan5 said.

Anyone have experience with Tide’s business account? Also researching as looking to setup something in the new year.

It’s such a grey area in the UK.

As long as the funds are yours to dispose of for personal purposes when they hit the account, they are “personal” funds, so technically fine.

It’s one of the things that makes starting a business easier in the UK than say Germany.

Again, this information is pretty opaque for sole traders. Actually clarifying the difference between using a personal account as a sole trader (receiving personal income) and a business account as a sole trader (holding funds for the purposes of the business) would be very helpful.

Tide is from what I can see is similar to Coconut uses Prepaid Technologies ltd for payment processing and may process payments in a similar way

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@welshguy99 if you are a sole trader it’s much easier and simpler if you have 2 separate accounts, much easier for you, your accountant (if you use one) and for HMRC.

You don’t need 2 accounts as which has been said but it really should be done, especially if you are just starting off and then everything is clear from the start and ready for the future.

As for a new Accounts, there is a lot if advice, but look into what you need and what the account offers, some don’t integrate with accounting software, some don’t allow direct debit payments, which is crazy and some charge quite a lot. You might also need to pay in cash. My advice is to spend a bit if time looking at the pro’s and con’s of them all, for me it only come down to a choice of the traditional banks (I’m currently with Lloyds) which does it all (and I can pay in money too) or Starling if you manage to qualify, all the others including Coconut and Tide didn’t offer what I needed and I also wanted my money to be in a registered bank with the safeguards etc where most mobile business accounts are not banks.

Hope this helps but wherever you chose to keep your money, you should really seperate your personal and business monies.


Coconut & Tide are like Monzo during its prepaid and funds still ring fenced and secure, at the moment myself as a sole trader not making enough to be concerned, and only need basic bank account function with access for the accountant which coconut provide.

I don’t qualify for Starling so will bide my time till I get the invite for Monzo

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I understand what you are saying and I was just trying to say have a look at the all as each person will have different requirements for what they need

For me Coconut doesn’t work as they don’t offer any accounting software integration and my accountant uses FreeAgent etc

Using a personal current account as a sole trader is different to using your account as a business account. Are you completely sure that Monzo does not allow sole traders to use their current account as a sole trader? That would be highly unusual.

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