How to submit a quarterly update on the Monzo Making Tax Digital submission tool?
Every 3 months, you will need to review the information and then submit a summary of your business finances for to HMRC using our tool. HMRC is sent a summary of the business details, totals for each income category, totals for each allowable and disallowable expense category and then total taxable income (which is your total income minus the allowable expenses)
You can only submit a quarterly update to HMRC if the quarter has finished.
Only the Admin on the account can submit a quarterly update.
Each quarterly update sent to HMRC is cumulative, which means that the second quarterly update contains all the data for both quarter 1 and quarter 2 (in a standard tax year, thats all the data from 6th April 2026 - 5th October 2026). If you change any details for a transaction in a quarter after you have already submitted that quarter to HMRC, those transactions are updated when you submit your next quarterly update.
Here’s how to review and submit a quarterly update in the Monzo app:
Go to Making Tax Digital in the app, then tap on the relevant quarter in Your tax timeline to open the quarter’s summary.
First tap on Categorise your transactions. This opens a list of any transactions that are still missing details before they can be submitted to HMRC. You can tap on any transaction in the list to add any missing details. Once this is complete, tap on the X in the top left.
Next tap on Manage money outside of Monzo. This opens the list of manual transactions that you have logged in the Monzo app. You can tap on the '+' in the top right to add a new manual transaction, or tap on any transactions to review/edit the information. Once this is complete, tap on Looks good to confirm the details.
This returns you to the quarter checklist. When all the details here have been completed, you will see green ticks next to both sections and 'Ready to submit'. Once you are happy, tap on Final review
This generates a summary of your business details as well as the totals of your income and expenses for that quarter. If you need to change any details, you can tap on Go back to edit or add further information. Once you are happy with the information here, you can tap on Submit to HMRC
You will get a confirmation once your finances have been submitted to HMRC. Tap Close to return to the quarter summary, where you will see the time and date that you submitted the information to HMRC. This section will also be updated with the time and date that HMRC has processed your business finances for that quarter.
It can take several days for HMRC to process the information once you have submitted it in the Monzo app. If the quarter in your tax timeline on the Monzo app does not show the date that HMRC processed your quarterly update after a week, please first speak with HMRC to ask for an update.
Was this article helpful?
Related articles
- What is Making Tax Digital?
- What is the Making Tax Digital space in the app/web?
- How can Monzo help my business prepare for Making Tax Digital?
- Helpful links for Making Tax Digital
- I’m not able to use digital tools for Making Tax Digital, what can I do next?
- How does Making Tax Digital for Income Tax affect me if I have multiple Sole trader businesses/properties?
- Making Tax Digital for Income Tax eligibility questions support
- What is cash basis accounting and accruals accounting?
- How does split ownership for landlords work with Making Tax Digital?
- Can I swap to a different Making Tax Digital tool halfway through my tax year?
- How do I onboard to Monzo’s Making Tax Digital submission tool?
- How do I sign up to Making Tax Digital for Income Tax with HMRC?
- What are Simpler and Detailed categories for Making Tax Digital for Income Tax?
- How do I change between Simpler and Detailed tax categories for Making Tax Digital for Income Tax?
- How do I change my quarterly updates from tax year to calendar year for Making Tax Digital?
- How do I add a tax category to my transaction for the Making Tax Digital submission tool?
- What are the HMRC Simpler tax categories for sole trader transactions?
- What are the HMRC Detailed tax categories for sole trader transactions?
- What are the HMRC Simpler tax categories for landlord transactions?
- What are the HMRC Detailed tax categories for landlord transactions?
- How do I split a transaction in Monzo’s Making Tax Digital submission tool?
- How do I log information on money outside Monzo for my business for Making Tax Digital for Income Tax?
- How do I see a list of all my Making Tax Digital transactions?
- How do I see my live tax bill estimate in Monzo’s Making Tax Digital tool?
- How do I leave the Monzo Making Tax Digital submission tool?
- How do I add my accountant to Monzo's Making Tax Digital for Income Tax tool?
- How do I log funds from outside of my Monzo business account that then get moved to/from my Monzo business account?
