Transactions, tags and forms - how to add income and expenses in untied

If you are not in MTD for a tax year

A tax return would typically include your total income and expenses for any particular income source, along with various details on how you earn.

However you are also required to keep records.

The good news is that untied is designed to be able to help you meet both these requirements.

To do this, a few things to note. The main one is that different types of income are handled in two different ways - as transactions and in forms.

TRANSACTIONS

• Most income and expenses are recorded as transactions
• You will need to tag a transaction for it to be included in your tax return
• Transactions are used for:
  • business income and expenses (also called trading, or self-employment income)
  • property income and expenses
  • interest and dividends
  • pension contributions (though see Pension contributions in untied)
• If you already have your totals eg of business or property income and expenses, and don't want to use untied to keep records, then simply add a manual transaction for the total for the year - How do I add a manual transaction to untied?
• Note that simply tagging something as PAYE salary does not add it as employment income on your tax return - you need to do that via a form because it comes from details that you will have got from your employer (see below)

FORMS

• There are also forms that are used to provide information
• You will need to complete a form for:
  • PAYE (employment) income - note that simply tagging income as salary will not add it to your tax return. The reason is that we don't know from salary coming into your bank account how much tax was deducted already - this is all recorded on a P45 or P60 from your employer so needs to be entered
  • employment expenses - which can be entered against each employer
  • pension income
  • additional details of your business (self-employment) - such as the nature of your work, when you started
  • additional details of your property income - such as how many properties you rent out, if they're jointly owned etc
  • any losses or claims that you may want to use
  • investments such as SEIS, EIS and VCT
  • non taxable redundancy payments which are included on the additional information form (you can also add taxable redundancy)
  • telling us you have a student loan (this is on the pensions and benefits form)
  • final claims on your tax return

If you are in MTD

The same principles apply if you're in MTD, except that employment and pension income does not need to be entered - it is populated directly in "untied" from HMRC.