Self employed? - Why not spread the cost of your tax bill by saving throughout the year

The Tax Saver Account is there to help you put money away so that you always have enough to cover your tax bill when it falls due.

You can make deposits to the account whenever you wish, reflecting the income you’re earning. Then, when the time comes to make your payment, you’ll have money put away to pay your bill.

You can even ask us to send the money to the taxman for you, saving you an extra job!

To open the account, give us a call on 0303 0402 660, and we’ll do the rest.

“I used to dread having to find the money for my tax – now I can relax knowing the money’s there when I need it”

Sam from Peterhead

Are my savings safe?

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

For further information about the scheme (including the amounts covered and eligibility to claim) please visit here.

Do I get a return on my savings?

Based on our financial performance, you'll earn an annual dividend, calculated on your average balance throughout the financial year (October to September).

After we've prepared our year end accounts, the Board of Directors ask the members to approve the dividend rate at our AGM each January. This is added to your savings account with no income tax deducted at source.

This is paid into accounts each January. (2023 1.75%, 2022 1.50%, 2021, 2.25%, 2020 2.25%, 2019 2.25%, 2018 2.50%)

*(Expect to return 4.00% for 2022/23, but of course this depends on our financial performance)

How can I take my savings out?

The easiest and most convenient method is using our online banking or mobile app.

You can also make a request over the phone for bank transfers or the issue of cheques.

We can make the transfer directly to the tax office on your behalf if you provide the required reference numbers or, if you prefer, issue a cheque payable to HMRC.

Ready to join?

If you'd like to open a Tax Saver Account, give us a call on 0303 0402 660 to request an application form.

0303 0402 660

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