PSA - Pay Your Tax

[Rob2020]

Experience the joy that is transferring large sums of money to the government
Just a reminder to pay your tax!

Oh the joy!

[gunsnroses]

Well thanks to Mercury Element, who advised me about TRCs (Tax Reserve Certs), which is amazing for someone like yours truly, who finds it difficult to save voluntarily. I filled a form to authorise them to deduct a certain amount every month from my bank acc(they pay interest as well), and when the time came for paying tax, all I did was to direct them to use my balance in TRCs and that's that.

[MovingIn07]

Well thanks to Mercury Element, who advised me about TRCs (Tax Reserve Certs), which is amazing for someone like yours truly, who finds it difficult to save voluntarily. I filled a form to authorise them to deduct a certain amount every month from my bank acc(they pay interest as well), and when the time came for paying tax, all I did was to direct them to use my balance in TRCs and that's that.

This is what I do (and advise to others on this forum!) too. Saves a heap of hassle and the pain of "losing" money in the bank account. Somehow, money that never makes it into my bank account never hurts as much

[Rob2020]

Do you earn any interest on TRCs ?

[Claire ex-ax]

Yes, currently at a whopping 0.0433% pa.


Just to add, I'm also a TRC "buyer", as I prefer to PAYE. Plus I don't have to remember the due dates; payments are made automatically unless you choose otherwise.

[MovingIn07]

Yes, currently at a whopping 0.0433% pa.

I think I worked out that the difference between this and the HSBC savings rate for the amount of tax would have just about purchased a cup of coffee over the year .... 2 tenths of bugger all as my Dad would say!

[drumbrake]

I set up an advance payment on my credit card- that way I don't forget and I have an extra month to find the money when my credit card bill arrives.