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How much are you setting aside for your tax bill?
#1 · June 7, 2026, 1:29 pm
I know this sounds basic but I've spoken to contractors who got badly caught out in their first year. Running a limited company means the money in your account isn't all yours.
I set aside 20% of everything that hits the company account, no exceptions. Probably overcautious but I sleep better for it.
What's your approach?
#2 · June 8, 2026, 5:20 pm
20% is sensible. I do the same. My accountant tells me I'm overcautious but I'd rather have money left over than be scrambling when it's time to pay.