It would be fantastic if you were able to automatically portion money from an a paid invoice for tax purposes. I know this might not work until business bank accounts are connected directly to the app, but even a way to record what percentage of the income needs to be ringfenced for tax would be incredibly helpful.
Hi HBird , love this idea! I’ll definitely share it with Susan_K and the team to see what might be possible. We’ll keep you updated as we explore and build out any features in this area! 😊
In terms of a "ringfence," what would the ideal setup look like for you? Would you prefer to see something in the expenses section that shows your current tax bill, or would you like that info somewhere else?
Do you currently set money aside in a separate account for taxes? If so, how do you typically track how much you need to keep on hand and how often do you move it? Would a reminder or something similar be handy or just after every invoice?
For me, my tax bill shifts over the year with maintenance and equipment expenses. Do you find yourself adjusting your "ringfenced" amount as things change, or would you want the app to help manage that automatically?
Thanks again for the great idea and for any and all questions you're able to answer, no pressure though :)Hey Ben,
Ooh good follow up questions.
In terms of a "ringfence," what would the ideal setup look like for you?
Something in the expenses section that shows an estimated tax bill would be great, especially if that could be pulled into reports that show net profit.
Do you currently set money aside in a separate account for taxes?
Yes, I currently have a separate account that I transfer across to with each invoice that is paid (note: I don't do this accurately, which has stung me a bit this financial year lol). Being able to individually decide whether to do it after every invoice, for specific income types, or to set a reminder would be great.
my tax bill shifts over the year with maintenance and equipment expenses. Do you find yourself adjusting your "ringfenced" amount as things change, or would you want the app to help manage that automatically?For me, I just put aside a percentage of each payment so there's money sitting there for income tax payments, I separate that from deductions and other expenses. I'm not very knowledgeable about tax though, so any help the app can provide in automating or guiding that process would be amazing!
Happy to provide more info/thoughts if you need. Cheers!
