You can instantly transfer money to or from your tax pot directly in the app, either manually or by setting up automatic transfers. Moving funds back and forth takes just a few seconds, allowing you to comfortably build your savings over time and avoid any last-minute stress when your HMRC tax bill is due. 🍯
Moving money into your tax pot manually
If you want to make a one-off transfer into your savings, follow these steps:
Open the app and tap the Tax pot button on your Home tab. 🏠
Tap the Add money button.
Enter the exact amount you would like to set aside.
Tap Add money again to confirm your transfer. ✅
Withdrawing money from your tax pot
If you need to pull funds back out of your savings and into your main account balance, you can do so at any time:
Open the app and tap the Tax pot button on your Home tab.
Tap the Withdraw button.
Enter the amount you would like to move back to your main balance.
Tap Withdraw again to confirm the transfer.
Setting up automatic tax transfers
To make saving even easier, you can turn on our automatic transfer feature. Once enabled, the app will automatically move a set percentage of all your future incoming business payments straight into your tax pot. 🔄
Because HMRC charges Income Tax and National Insurance at variable rates based on what you earn in a given tax year, you have complete flexibility over your savings plan. You can choose your own percentage and change or adjust this auto-transfer amount at any time to match your latest business earnings.
Checking your live tax estimate
If you're not sure how much money you should be setting aside each month, the app provides a live tax estimate to guide you. This feature calculates your current financial positions in real-time, helping you check if your savings are on track and giving you complete peace of mind. ⚖️