Saving monthly for tax and NI

[Marz283]

I only started minding in October last year so have not earned enough in the last tax year to worry about tax and NI but looking forward I just wondered if anyone saved some money each month towards tax and NI that may need paying at the end of the year?

Thanks

[samb]

I transfer 20% of all money to another account and then pay off tax bill at end of year and give myself a bonus with the rest :-)

[k1rstie]

I think you will still have to pay NI.

[sarah707]

I put money away every month for tax, NI class 2 and probable NI class 4 - then if there's any left I put it in my holiday pot :D

[samb]

I think you will still have to pay NI.
Yes I do but I put 20% of all invoices into another account - which is more than enough for tax and NI as it doesn't take into account the tax free allowance. So it's more than enough to cover it all -I've done it since I started and it works for me.

[MrsP2C]

I do 25% of anything over £1k to take into account my allowance and this has always covered it with a bit over. I can't afford 20% of my gross salary to disappear :panic:

[JCrakers]

I pay £100 per month direct debit so by the time tax payday comes it's more or less paid :thumbsup:

[Marz283]

Thanks for the replies. I going to put money aside into a separate account for now and see if I can set up a direct debit ready for next year.