Saving monthly for tax and NI
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  1. #1
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    Default Saving monthly for tax and NI

    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

  2. #2
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    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 :-)

  3. #3
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    I think you will still have to pay NI.

  4. #4
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    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

  5. #5
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    Quote Originally Posted by k1rstie View Post
    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.

  6. #6
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    May 2012
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    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

  7. #7
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    I pay £100 per month direct debit so by the time tax payday comes it's more or less paid
    Time Out.. The perfect time for thinking about what you're going to destroy next.

  8. #8
    Join Date
    Jan 2015
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    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.

 

 

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