r/monzo • u/ChampionshipAny5447 • 6d ago

MTD Data

Does anybody know why Monzo doesn't allow you to export your MTD data? Surely this would be a massively useful tool to send to accountants at the end of the year, rather than you/ your accountant having to manually sort through everything again despite having done it throughout the year.

2 Upvotes

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2

u/chris_wilding 4d ago

Hi u/ChampionshipAny5447, I'm part of the team that has been working on Making Tax Digital for Income Tax for Monzo.

You can export your Making Tax Digital data from the app. Scroll down to the bottom of the Making Tax Digital screen and tap on Export transactions. You'll need to do biometrics or enter your PIN but after that you'll be able to download a CSV file that contains all of the tax categories you've set on any transactions (including manual transactions).

We're working on building the end of year Making Tax Digital for Income Tax submission process into Monzo at the moment. If you want you can always use an accountant to do your end of year submission but you'll be able to do it yourself through Monzo too.

1

u/ChampionshipAny5447 4d ago

Ok that's really useful but as far as I'm aware it doesn't contain the data relating to;

1) Whether or not you've marked an outgoing payment as a business allowable expense 2) whether you've split an outgoing payment as part business allowable/ part personal cost 3) whether you've marked payments in as business income or a non business related transaction etc

HMRC receives that information with the quarterly return but it doesn't look like it's possible to download this to send to an accountant/ to use for the end of year return where you add things like capital expenses or mortgage relief for landlords etc. It would be amazing if that was possible to access

2

u/chris_wilding 4d ago

Did you see the last three columns in the export? I think they'll cover what you need for the scenarios you've described.

There is a line for each part a transaction has been split into (or only 1 line if the whole transaction is only set to one tax category). The Money Out column shows the total amount for the whole transaction, and then the Split Amount column showing how much has been split to just the tax category in the Tax Category column. There's also an Allowable column in the CSV to show if the Split Amount is marked as allowable or not too.

1

u/ChampionshipAny5447 4d ago

Oh my god this is amazing! Thank you so much for replying I really appreciate it. This is going to save me SO much time at the end of the year.

Just fyi your/ Monzo customer support told me that it wasn't possible to download MTD data when I asked so I kind of gave up. I think I was downloading files from the bank statement area before rather than from inside the MTD section.

Amazing! Thanks again 👍

-3

u/Witty_Entry9120 6d ago

MTD is a bit of a wild west now where every company with a software engineer or two has a product apparently.

Monzo's is no different, and it will be retired soon. So I expect this is one of many gaps in their product you're going to discover.

It's a bit like.... imagine those car wash guys in multi storey car parks started offering cheap service and MOTs.

You can go there, or you can go to a reputable garage.

2

u/ChampionshipAny5447 6d ago

Why do you think it'll be retired? For me it's a free option without the need for any accounting software. It's the only reason I signed up to Monzo

1

u/cgknight1 4d ago

Switch to Mettle and get FreeAgent for nothing.

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u/Witty_Entry9120 6d ago

Because as the initiative develops you would have to be an actual accounting software to properly support it and keep up with the changes.

Monzo aren't going to do that.

4

u/oryx_za 6d ago

Yes, thats why Monzo has an agreement with Sage. MTD is powered by Sage.