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I suppose I'm not alone in having to beg, borrow and steal to get together what's owed for 09/10...having not quite put aside the requisite amount. Mrs deadly and I are wondering how best to save for next year's tax? It would have to be an account where it was difficult to get our sticky little hands on it during the year. We're probably risk averse when it comes to stuff like this. Do banks still do those 30/60/90 day access savings accounts? We could notify in October this year that we would need it? Anybody have any better system that he or she uses?
how about limited access cash ISA?
As above - If you're not using your ISA allowance already for savings purposes, use one for a tax pot. You are allowed about £5,100 each (cash ISA)- assuming you're not turning over £millions a year (which you probably are you capitalist, you) then that should be plenty to cover your tax bill.
We used to stick ours against an offset mortgage for the year but it involves lots of jiggery pokery in the Co accounts to pull it off.
I just use a high interest savings account linked to the business account and put the percentage my accountant suggests each month in there. It's not locked down but I can only get to it online so it's not easy to dip into.
ISA
I do exactly as ti-pin
But using the tax-free ISA option is a good idea, if somewhat more of a fiddle - I just pay wages and take out my allowance then chuck in money to cover PAYE and SA into the linked account when I am logged on to interweb banking.
taking the money out of a company so that youc an benefit from the capital requires you to receive the divi and then loan the money back to the company to pay the tax bill. If you're a sole trader I imagine its not such a problem.
Where's good Stoner? By limited access, is that the 30 day thing I was talking about?
Thanks for the advice though. Millions? Mahoosive LMFAOcarpetz. 😉
I use share.com for all my investments incl ISAs but for simplicity you're better off using your own bank's product usually.
If you are already a customer of ING Direct then there's is a nice simple one.
Or check the rates in the back of the Money section of the saturday guardian.
I thought you could pay into your tax account at any time?
I was planning on setting up a standing order each month for it, I pay it by bank transfer anyway
Would premium bonds be an option for you?