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Set money aside for your tax bill so January isn't a shock
You're self-employed and the tax bill always lands as a nasty surprise. Get a simple sheet that shows how much to move into a tax pot each month, using the rates on GOV.UK.
The prompt · ChatGPT
Help me set aside money for my Self Assessment tax bill. How I trade: [sole trader, partnership] Income so far this tax year: [amount, and months covered] Expenses so far: [amount] Other income: [e.g. a part-time job, rental income, or none] Did I pay a payment on account last year: [yes, no, don't know] First ask me up to 4 short questions. Wait for my answers. Then: 1. Look up the current Income Tax and self-employed National Insurance rates on GOV.UK and name the pages. 2. A rough estimate of the year's bill using those rates and my figures, with the sums shown and each assumption marked. 3. A monthly amount to move into a separate tax pot, with a safety margin. 4. What payments on account are, in plain words, and whether they might apply to me, with the GOV.UK link. 5. A simple Google Sheets layout: month, income, expenses, set aside, running pot. 6. The key dates to put in my calendar. This is a rough planning estimate, not tax advice. Tell me to check with HMRC or an accountant. Only use what I've told you, leave blanks for anything I haven't given, and don't invent facts or figures. UK English. For current Income Tax and self-employed National Insurance rates on GOV.UK, use web search and name the page you used. If it doesn't search on its own, open View all tools and choose Search. Stay in this ChatGPT chat. Do not turn on apps or connectors, and do not use memory from another chat.
A short example
Fill the blanks, then paste. sole trader, partnership: a short note you already have. amount, and months covered: a short note you already have. Leave the rest of the prompt as written.
This does not give tax advice. The books stay in the accounting system.
You give your rough income and expenses so far this tax year.
The assistant asks how you're paid and whether you have other income.
You get a monthly set-aside estimate from the GOV.UK rates, a simple tax-pot sheet and the dates to note.
What happens
Use ChatGPT to set money aside for your tax bill so January isn't a shock
You're self-employed and the tax bill always lands as a nasty surprise. Get a simple sheet that shows how much to move into a tax pot each month, using the rates on GOV.UK.
Tools
Paste the prompt, fill the blanks, copy the draft.
- ChatGPT — required. Drafts from the text you paste. Nothing is sent.
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