The self-employed tax bill is only frightening because nobody sets money aside monthly. This works out the percentage and tracks whether the pot is where it should be.
What's Included
- A set-aside percentage worked out from your own bands and allowances.
- A running pot balance against what you should have saved.
- Deductible costs counted so you are not saving against gross.
- An assistant that flags a shortfall while it is still small.
How To Use
- Set money aside on every payment received, not monthly from what is left.
- Record deductible costs as you go. Reconstructing them later loses money.
- Keep the pot separate from working cash or it will be spent.
- Check the shortfall monthly. A small gap now is a crisis later.
Track the income behind it with personal finance prompts, and reconcile with invoicing prompts.