How do I see my live tax bill estimate in Monzo’s Making Tax Digital tool?

As part of Making Tax Digital, HMRC will be providing a live tax bill estimate to businesses based on the information that you submit each quarter.

This means that the tax bill estimate will be more accurate the closer you get to the end of their tax year, as more business finances will have been submitted and used to calculate your tax bill estimate.

You can only see your tax bill estimate in the Monzo app once you have submitted at least one quarter to HMRC.

If you have multiple sources of income registered for Making Tax Digital for Income Tax, when you submit a quarterly update to HMRC for your second or third source of income, the estimated tax bill shown on the second/third business account in the Monzo app is the total estimated tax bill you will pay for both/all of your sources of income combined.

As HMRC calculate this figure, we cannot change the estimated tax bill shown in the Monzo app. If you are not happy with the estimated tax bill shown, please check all your transactions carefully to make sure they are correct. If you are confident the estimated tax bill is still wrong, then please contact HMRC for further details and support.

Once you have submitted a quarter to HMRC, you can see your tax bill estimate by going to the Making Tax Digital section of the app, where it will appear at the top of the screen.

If you tap on the Estimated tax bill section, you can see a breakdown of how HMRC worked out this estimate and the taxes you may pay, as well as any messages that HMRC have sent to your business.