Split a transaction / claim a %

Intro
Sometimes you buy something and it doesn’t fit into a single category.

Or sometimes, only a % of it is allowable, eg if you can only claim for 50% of your phone bill.

What we’re thinking
We’re looking at these problems together, but thinking of them like this:

  1. Claim a % - if you can only partially claim for a purchase, include a % slider/amount on the transaction so you can just claim the allowable portion of it.

  2. Split a transaction - a bit meatier, is to let you split a transaction into multiple parts, for example a single Amazon purchase might break down into 3 different categories with varying amounts.

We’ll want a nice way to tackle these in the app, and also to reflect them in things like the Accountant Portal, Data Exports, Statements etc.

Our questions
When do you have transactions like this?
How have you handled them in the past?
Do you have any good examples of handling these transactions?

5 Likes

Your example is exactly the type of thing I would use this feature for. My phone bill, utility bills, items I have purchased for business but partially use for personal.

In the past, I usually have purchased them using my personal account and then record them as a partial business expense in bookkeping software (Wave) . Of course, having this ability in Coconut would mean I can use my Coconut account to pay for them and record the relevant percentage as business. Time saver!

  1. Being able to claim a portion would be very transparent and so much better for me i.e. phone bills, some Airbnb expenses.

At the moment, I don’t claim the share of utility bills I could claim because it’s too much of a faff trying to figure it all out and I am not sure how much it would add up to, but technically 2/3 of my income streams use my home (I work from home as a creative and an Airbnb host) so I would like to be able to work this one out soon.

I also share some expenses with other creatives like Adobe CC subscription and it would be great to be able to split it and request a payment (like you can in Monzo).

  1. I try to place separate orders as much as possible for this but sometimes “Materials” and “Training” get mixed up so I go for the majority category. I would say this would be nice but it wouldn’t be an essential feature for me.

Hi all, any developments on this yet? I was hoping to switch to using Coconut properly for this new tax year.

I currently use 1Tap receipts to keep track of my SA expenses. They have a feature whereby you can scan or email in your receipt, then select the split option which allows you to enter a % or a £ amount. This chosen amount is then the amount used as a business expense. A great example of a time I’d use this feature would be when working away from home and going for a meal with colleagues. We then would split a large bill. If we split a £100 bill 4 ways then you’d scan the receipt and enter a 25% split. Therefore submitting £25 as a business expense.

That is one of the split features I’d like to see with Coconut, but the other is also be able to split amounts across categories. For example, I travel a lot and work away from home. I go to the garage and fill up with petrol, buy a sandwich for lunch and a box of chocs for the other half. I want to be able to split this receipt by amount AND category, i.e. my £47 transaction would be £40 petrol, £2 food, £5 personal.

Thanks!

1 Like

I too use 1tap to categorise receipts and split transactions that are partly personal. Without this feature in Coconut though it is proving difficult to provide an accurate tax estimate within the app and creates a dilemma as to which account to pay for split transactions with.

I have a mobile phone bill and a home internet bill, both of which are split use, but do I pay for them on the coconut card hoping that the split transaction feature comes available before I have to complete my tax return?
OR do I pay for them from my personal non coconut account and pay a rebalancing payment from my coconut account at the end of the tax year?

I had intended to do the latter last tax year, but forgot to make the payment before 6th April, so if I do that now it will look like it was for the next tax year, there being no way of tagging a transaction as being applicable to a different year.
So for the last tax year I will still be relying on 1tap records to provide my accountant with expense expenditure data.
I hope that being able to split an expense between multiple categories (including claimable and non-claimable) be available in app and ultimately web based coconut when that is made available!

This is a really good idea.

In the past, my phone bill, car fuel/payments etc have all been only a certain % allowable.

Any progress/updates on this? Choosing items on a receipt for business expense would be great. Being able to claim every allowable expense exactly would go a long way to accurate tax estimations in the app.