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Freelancer. Where to put the money I save for my tax payments
N1_EP
Posts: 23 Forumite
Hi Everyone,
I am looking for a sensible place to save the money I put aside for my tax payments. I am a freelancer earning about £1,900 NET per week - working about 40 weeks in the year. I normally put £1k aside each week I work or close to that. Anything left over after my tax bill I move to longer term savings eg. ISA.
So I'm looking for a good interest rate in an account I can pay into weekly. Very occassionally I do need to dip into this account so I don't want to totally lock the money away.
Thank you
I am looking for a sensible place to save the money I put aside for my tax payments. I am a freelancer earning about £1,900 NET per week - working about 40 weeks in the year. I normally put £1k aside each week I work or close to that. Anything left over after my tax bill I move to longer term savings eg. ISA.
So I'm looking for a good interest rate in an account I can pay into weekly. Very occassionally I do need to dip into this account so I don't want to totally lock the money away.
Thank you
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Comments
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Make sure to sort by, 'rate':N1_EP said:Hi Everyone,
I am looking for a sensible place to save the money I put aside for my tax payments. I am a freelancer earning about £1,900 NET per week - working about 40 weeks in the year. I normally put £1k aside each week I work or close to that. Anything left over after my tax bill I move to longer term savings eg. ISA.
So I'm looking for a good interest rate in an account I can pay into weekly. Very occassionally I do need to dip into this account so I don't want to totally lock the money away.
Thank youhttps://moneyfactscompare.co.uk/savings-accounts/
If you can qualify for the boosted savings rate, Chase (JP Morgan) is good.0 -
Not sure this qualifies as a sensible place, but I put mine into Premium Bonds. I estimate what tax I'm likely to need to pay, then setup a standing order for slightly more than I expect, and at the end of the year I usually have a bit of excess I can spend, and there is always the chance of a big win (albeit the chance of this is very small).The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1
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Just to be clear, are you operating as a self-employed sole trader or via a limited company, i.e. is the money yours personally or company money?N1_EP said:I am looking for a sensible place to save the money I put aside for my tax payments. I am a freelancer earning about £1,900 NET per week - working about 40 weeks in the year. I normally put £1k aside each week I work or close to that. Anything left over after my tax bill I move to longer term savings eg. ISA.
So I'm looking for a good interest rate in an account I can pay into weekly. Very occassionally I do need to dip into this account so I don't want to totally lock the money away.0 -
Cahoot has good rates at the moment and £25 signup bonus via TopCashBackRemember the saying: if it looks too good to be true it almost certainly is.0
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