Self employed tax savings....
Annamac
Posts: 3 Newbie
Hi there,
I have just gone self employed so will be putting my tax money aside each month and wonder if I should open an ISA to put the savings into?
I wont need to pay my first tax bill until next Jan, so will need to add to it each month and then draw it all out next January to pay my tax bill. So I'm wondering where to save my cash until I need to pay!
Also, should I put the account in my name (self assessment tax payer) or put it in my husbands name (he is on the lowest tax band)?
Thanks for any advice :-)
A Mac
I have just gone self employed so will be putting my tax money aside each month and wonder if I should open an ISA to put the savings into?
I wont need to pay my first tax bill until next Jan, so will need to add to it each month and then draw it all out next January to pay my tax bill. So I'm wondering where to save my cash until I need to pay!
Also, should I put the account in my name (self assessment tax payer) or put it in my husbands name (he is on the lowest tax band)?
Thanks for any advice :-)
A Mac
0
Comments
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[FONT=Verdana, sans-serif]Put it into an instent access account that pays the highest rate after tax, if any. You both have a savings allowance maybe you £500 your husband £1000 so maybe no tax would be paid even if outside ISA.[/FONT]
[FONT=Verdana, sans-serif]Also ISA rates tend to be lower so even if you pay tax you may still get a better deal outside the ISA.[/FONT]0
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