Setting money aside for tax
The tax bill comes long after the money is earned. Put a share of every payment aside so the bill is covered when it lands.
This path is practice in how the records and the sums work. It is not tax advice. Any rate or allowance in a question is an example for that question, so check GOV.UK for the current figures.
Task 1A share of every payment4 questions
Tax on this year's profit is not paid until after the tax year ends. By then the money may have been spent.
A simple habit fixes this. Each time a customer pays, move a fixed share of it into a separate savings account.
The right share depends on your profit and on the tax rates for the year, which are on GOV.UK. The percentages in this room are examples for the sums. They are not tax rates.
Task 2Is the pot big enough4 questions