How to manage your taxes with your Tax Account

Don't stress about taxes. Your dedicated Tax Account lets you save throughout the year, so you're ready for the deadline.

This guide shows you how to:

🔗 Create your Tax Account

🔗 View and set your tax goals

🔗 Create your Self Assessment and Corporate Tax Estimates

🔗 Pay your tax bills

🔗 Issue a statement for your Tax Account

Create your Tax Account

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

You can open a Tax Account in your app or online:

Tap or click Admin > Taxes

Tap or click Open tax 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.

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.

In your app:

Tap: Admin > Taxes

Select the Self Assessment or Corporation tax target > Save target

On Tide on the web:

Select Accounts > Tide Tax Account

Click View tax breakdown

View your Self Assessment or 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.

Add missing transaction details

If you have any uncategorised transactions or transactions needing VAT rates added:

Tap Bookkeeping Score > View all transaction tasks

Add in any missing categories or VAT rates

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.

In your app:

Tap Pay and find your Tax Account in the stacked accounts

Tap Tax Account > Deposit or Withdraw

Enter the amount > Approve

On Tide on the web:

Click Accounts > Tide Tax Account > Deposit or Withdraw

Enter the amount > Approve

Pay your tax bill

In your app:

Tap Pay and find your Tax Account in the stacked accounts

Select the type of tax you're paying (ie. Self Assessment, VAT, etc.)

Select 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.

Cancelling your 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.