Untied: Dealing With Your Own Bank Transfers

In this video, we’re going to look at how to deal with your own bank transfers when using Untied.

This is an area that can confuse, especially if you’re moving money between accounts, but the key point to understand is this:

Your own bank transfers are not income, and they’re not expenses.

They are simply movements of your own money.

For example, if you transfer money from your business account into your personal account, that isn’t business income. You’ve already earned that money. You’re just moving it.

Equally, if you move money into your business account, that doesn’t automatically mean it’s income either. It could just be you funding the account.

So it’s really important that these transactions are treated correctly in Untied.

If they’re recorded as income or expenses by mistake, it will distort your figures and give you an inaccurate picture of your finances. When these transfers come through your bank feed, you need to identify them and make sure they are categorised appropriately. In most cases, this means tagging them as transfers, rather than business income or allowable expenses.

This keeps your records clean and ensures that only genuine business activity is included in your totals.

For performers, this is particularly important if you’re regularly moving money between accounts, for example:

• transferring income into a personal account
• moving funds between different bank accounts
• or separating money for tax purposes

The key is consistency.

Once you understand what a transfer looks like in your records, you can quickly identify and tag these transactions correctly each time. This helps keep your bookkeeping accurate and avoids problems later when it comes to reporting under Making Tax Digital.

If you’re ever unsure whether something is a transfer or income, it’s always worth checking, because getting this right makes a big difference to your overall figures.

If you’d like help reviewing your transactions or making sure everything is categorised correctly, feel free to get in touch.