The Tax Pot: A Secure Financial Compartment
The Tax Pot is a designated digital space within the main Countinup business account, which enables you to securely allocate a portion of your funds or income in preparation for tax liabilities. The money in the tax pots is part of the Countingup business account and as such does not earn interest.
How it operates
You will be responsible for setting up and managing the tax pot. This includes calculating tax contributions and maintaining accurate records for compliance with legal requirements.
The Countingup App enables you to seamlessly transfer funds between the main section of your business account and the tax pots.
Countingup holds no responsibility in the event that you miss deadlines or fail to make payments as required.
How do I transfer money to or from my Tax pot?
To open your Tax pot:
- Tap on the ‘Tax pot’ button on the ‘Balance’ tab.
- Tap ‘Add money to Tax pot’ and enter the amount you’d like to transfer.
- Tap ‘Add money’ to confirm.
To add money to your Tax pot:
- Tap on the ‘Tax pot’ button on the ‘Balance’ tab to view your Tax pot.
- Tap the ‘Add money’ button on the Tax pot screen.
- Enter the amount you’d like to add, and tap ‘Add money’ to confirm.
To withdraw money from your Tax pot:
- Tap on the ‘Tax pot’ button on the ‘Balance’ tab to view your Tax pot.
- Tap the ‘Withdraw’ button on the Tax pot screen.
- Enter the amount you’d like to withdraw, and tap ‘Withdraw’ to confirm.
Money in your Tax pot is separate from your current account balance. You can add or withdraw money at any time. You can only transfer money into and out of your Tax pot from your Countingup current account, and you cannot make transfers outside of Countingup directly to or from your Tax pot.
You can find your Tax pot limits on our Account Limits page.
Countingup does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only.