At the moment I have one bank account for everything, and I move the profit I make into a savings account to cover my tax bill. Is there a better way of organising my finances? EMILY SAYS: A savings account for tax bills is a very good idea. I would also recommend having a separate current account for your business, as HMRC says you need to keep your business income and costs distinct from your own personal cash. When it comes to completing your tax return, having tidy, well-kept records means you can claim back everything you’re owed and provide a clear audit trail. Being organised now means you’ll save yourself a headache later on.
Never forget – tidy finances make your life easier