Automatically save a % of income for tax

:wave:

A new feature for the 5million self employed people in the UK. Automatically save a percentage of any income into a pot for taxes.

It’s not specifically for business income, but for things like dividend payments.

For anyone who runs a side gig business: It would also be useful, given an awareness of the usual salary, to not take a proportion of that income as a tax saving.

Hey Daniel :wave:

You’ll be able to do this with the Monzo business account when it’s launched. I think it’s already been developed and being tested! :raised_hands:

Hi @Peter_G!

I know about the business version. It would be useful for personal too. The business version would cover VAT and corporation tax. But when I pay myself a dividend I need to keep a proportion of the money in my personal account aside to pay my income tax bill.

Does that make sense?

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If you are self employed you have to use a business account though

Not in the case of a limited company. The business is a separate legal identity. I can’t pay my personal income tax using business funds, without recursively incurring another tax liability.

An alternative application of saving X% on all income would jus be regular saving. I’d be happy with that provided I could choose X. Reasoning aside.

@Cerberus not disagreeing with you by the way, I’m talking about personal income tax. Effectively income from dividends.