What if I have ‘other’ income or expenses?
When you’re tagging transactions in untied, you should find that most income and expenses fall easily into one of the tags within untied, for example:
- Business income, if it was received for your self-employment or freelance business, or if it was a SEISS payment
- Employment income
- Dividend income
- Rental property income
- Furnished holiday letting income
- Interest received
- State pensions/benefits which can be included in the 'State pensions and benefits' section via the Taxes screen in the mobile app, or 'Tax Forms' on the website
- or else it can be included on one of the other additional sections, like a capital gain
But what if you have other income or expenses that doesn’t fall under any of these headings?
Well, if this is not taxable income or a tax-deductible expense this doesn’t need to be tagged.
Alternatively, if this is a transfer between your own accounts, or some private expense, then this also doesn’t really need to be tagged either, as this doesn’t affect your tax return, but you can mark these transactions as 'transfer' or 'private', if you want.
Other taxable income
Amending returns already submitted
If you ever discover you’ve tagged something incorrectly in a tax return already submitted to HMRC, you can easily correct matters by making an amendment with untied. HMRC give you 12 months to amend your tax return online. You can read all about amending a tax return in our article - Is my tax return final?