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What should I do with tax money whilst I wait
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Posts: 60 Forumite
I am self-employed and will need to pay my tax in Jan. Any ideas as to where I can keep it for now?
My accountant mentioned a Deposit Account. Is this a good idea? My business bank account is with HSBC
My accountant mentioned a Deposit Account. Is this a good idea? My business bank account is with HSBC
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an instant access savings a/c with the best interest rate0
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I am self-employed and will need to pay my tax in Jan.
Just january? Not January and July?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Just January as far as I'm aware.0
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You need to speak to your accountant.
It will be January and July.
Also note that in January you will pay your owed tax plus a payment on account of 50%, plus the remaining 50% in July (subject to a few clauses).
See http://www.hmrc.gov.uk/manuals/salfmanual/salf303.htmI was a DFW, now I'm a MFW :T0
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