20% of all Self Employed income automatically into a pot for tax


(Pete) #1

Hi,

First post here. Loving Monzo!

Something that would be really useful for me and I’m sure many other self employed people who have irregular incomes would be an automatic divider of income. So 20% or whatever proportion you choose is put aside for your tax bill.

This is something I’ve tried to explain to people with ‘proper’ jobs before and they just don’t get it. They say why don’t you just set up a standing order? The point is that some months I make £300, others £3000, often from many different sources - A standing order does me no good

Could this be a feature perhaps not for the main app but for IFTTT perhaps. It would be an AMAZING way of making sure that tax is put aside.

Would be interested to hear how other self employed people have managed this.

Cheers,

Pete


( related to Monzo CEO, Investor in Monzo ) #2

not only that , but the next stage of having that pot swept into a savings account every month / periodically throughout the year, so when tax becomes due you’ve actually earned a bit of interest on it without even having to think about it :slight_smile:


#3

I have been trying to get this for ages and I’m so glad you want it too Pete! For now it’s all manual, which is fine, but automation would mean less chance of spending it. Out of mnid, out of sight (yes that is backwards but it makes more sense in this instance).

I am hoping we can acheive this with IFTTT when Monzo release incoming triggers. I cannot bloody wait!


(Trevor Mitchell) #4

I think this is where a coconut account comes in… :slight_smile:


#5

Not with their pricing structure.


#6

Or Tide…or Fire business…?

Monese even plan to launch them https://monese.com/business