Tax Saving Pot

For anyone self-employed who has to do a tax return at the end of the year, it would be great to create a pot which does the following:

  • When you create the tax savings pot, you enter your important tax details (e.g. whether or not you have a student loan).

  • Every time you get paid for a job you enter that amount of money you earned into the tax pot.

  • The pot then calculates the tax, national insurance, student loan etc. owed on that earnt amount and transfers it from your main account into the tax pot.

  • The pot also keeps a running tally of how much you’ve earnt, changes tax brackets accordingly as you earn, and factors the tax free allowance into its calculations.

That way, every time you get a payment from an invoice, you’re saving the correct amount of tax gradually - something I know a lot of self employed people struggle doing.

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This would be covered under the business account development. Best thing to do would be to sign up for the business account waiting list and play the waiting game

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Great idea - think it’s been mentioned once or twice in other business-related threads.

Not sure if an IFTTT applet could do the same for now? Worth looking into it

Nice idea for the business accounts.

But why a ‘calculator’ I should be able to say ‘this was income’ and the clever stuff happens to move % of the income amount to the Tax Pot.

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gmclean - sorry to be a bit rude and a bit d**kish but can’t think of a simpler way to say it… what you described is what I wrote… it isn’t just a calculator, it’s transfers the amount from your main account.

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No worries, I’ll be more explicit… it’s a good idea but this point is one i think could be automated.

“Mark as income” with, ideally, a way for Monzo to remember that money coming from the same source is always income… and the rest is automatic. Just a minor thing (cos I’m lazy!) which could be easily automated and save me having to enter amounts (I have a couple of sources of income and the amounts change frequently).

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I love this idea :heart_eyes: we’ve heard you, and have added it to our trello board. This is hopefully something we can work on soon!

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:soon: :laughing: