best place to put tax money

xylophone

You could open a Santander 123 and start it off with £3000 - then pay your "tax money" into it every month ( I imagine that this will be at least the £500 required). To satisfy the two DD requirement, open One Tesco Instant Access and one Internet Saver and set up a DD on each for £1 a month. This could be increased if you find you are over the £20,000 interest earning balance towards the end of the year?

All of the money saved then pays your tax bill?

gkerr4

DiggerUK wrote: »

No brainer, Premium Bonds, and who knows......
..._

ooh - this is a good idea!!

i'm on it!

racing_blue

OP... as long as you pay up on January 31st and July 31st, the tax man cares not where you stash your cash. Suggest find the place that works best for you

PasturesNew

Faffing around with various accounts, watching rates, all for 0.001% for the amount you're tucking away is probably not worth the hassle/time. Why not just shove it into something that's got the potential for a bit of excitement, like Premium Bonds.

Polk

PasturesNew wrote: »

Faffing around with various accounts, watching rates, all for 0.001% for the amount you're tucking away is probably not worth the hassle/time. Why not just shove it into something that's got the potential for a bit of excitement, like Premium Bonds.

Yeah, I don't have the time to mess around much moving money from here to there.

I'm in the final months of a DRO after getting into debt with some credit cards. Depression is one reason, poor attitude to money is the main reason - could never get it into my head that the balance on the credit card isn't actually my money to spend.
I'm actually very nervous about all of this - I need to put this money away where it's not easily accessible (except for when the taxman comes calling)

I'll shop around for some accounts. I'll take on board the idea of ignoring the money on my spreadsheet each month though.