Manage your taxes with Tax Account

It's tax season again and you still have a few things to figure out – like how much you owe HMRC and whether you've set enough aside to cover it. Don't stress about taxes.

We've created a dedicated Tax Account that allows you to put money aside through the year, so you're ready for tax time.

In this guide you'll find out how to:

Create your Tax Account and set your tax goals, Self Assessment and Corporate Tax Estimates

Pay your tax bills

Manage your Tax Account

Create your Tax Account

Tax Account is a premium feature that comes with Tide Accounting or Admin Extra.

If you want to open a Tax Account you can do so in the app or online. Simply, go to:

Admin > Taxes > Open tax account

If you downgrade or cancel your subscription, your Tax Account will remain open, but you won't be able to make any deposits to it or make payments to HMRC. You'll only be able to transfer money back to your main Tide current account.

View and set your tax goals

Your Tax Account can automatically calculate how much money you need to set aside for taxes.

Your tax goals will be linked either to your Self Assessment estimates – if you’re a Sole Trader – or your Corporation Tax estimates – if you’re a Registered Business. To view those:

In the app, tap: Admin > Taxes > select the Self Assessment or Corporation tax target > Save target

On the web, select: Accounts > Tide Tax Account > View tax breakdown

Once you’ve set your tax target, you’ll be able to see how much you’ve saved and your progress as a percentage.

You can also set Custom tax targets for your other taxes, like VAT. Just click on the respective button, enter the amount you wish to save, and select the due date.

Create your Self Assessment and Corporate Tax Estimates

When opening your Tax Account, you'll see an Estimate preloaded to your account.

If you're a Sole Trader or freelancer you'll see your Self Assessment Estimate

If you're a Registered Business you'll see your Corporation Tax Estimate

We calculate the estimates based on how you categorise all your transactions and invoices in your Tide account.

Just a reminder, the quickest way to see if you've any uncategorised transactions or transactions needing VAT rates added, is to tap Bookkeeping Score > View all transaction tasks.

Pay your tax bills

Pay your taxes in the app by tapping Accounts, choose your Tax Account, then select:

The type of tax you're paying (ie. Self Assessment, VAT, etc.) > the correct HMRC account from the list > enter the amount and reference number > confirm and approve the payment

If this payment fails for any reason, the money will return back to your Tax Account.

Transfer money to and from your Tax Account

You can only use your Tax Account to transfer money to your main Tide account or to pay your taxes to the HMRC.

To deposit or withdraw money to your main Tide account:

In the app, tap: Accounts > Tax Account > Deposit or Withdraw > enter the amount > Approve

On the Web, head to: Accounts > Tide Tax Account > Deposit or Withdraw > enter the amount > Approve

Issue a statement for your Tax Account

If you ever need a statement for your Tax Account – let's say you need to budget the quarter ahead – you can generate one in the app and online. To issue it:

In the app, tap: Accounts > select the account > Details > Statements & Documents

On the Web, click: Accounts > Current Account > the i icon > Statements