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

Older versions of our app used to include tags for ‘other income’ and ‘other expenses’.  These were intended for any ‘other taxable income’ that couldn’t be included elsewhere, and its associated expense.  We’ve removed these tags for any new transactions, as this type of other taxable income is unusual.  Therefore, if you’ve used these tags in the past you’ll need to consider retagging the item if it’s relevant to your tax return.
HMRC list what is considered ‘other taxable income’ in the tax return notes (on page 8 against Box 17).  If you have any income from this list please get in touch with untied and we'll help you with this.  If you have income that’s not on this list then you should be able to include this in our app against one of the other sections mentioned at the top of this article.  
Get in touch with us, via the 'Ask untied' link below, if you have any questions about this, or if you’re unsure how a transaction should be treated. 

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?

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