Tax might not be the most exciting thing to talk about, but I think it’s important everyone has a basic understanding of the different types of tax
On the Emma blog we’ve rounded up eight different types of tax in the UK that you might need to know about one day!
Summarising it like this really shows how much you could end up paying in tax over the years
Do any of the features in Emma help you manage your taxes?
There aren’t any features in Emma that help sadly. Perhaps having a lookup of the council tax band for a property when setting a budget, do you can add the correct figure in?
Most people will know it but it’s easy for those moving or not having received their bill or setup payments to know what to budget
Yeah this could be nice, especially as the cost can actually vary quite a lot between properties/ locations
Tax payments (e.g. income taxes if you’re not on PAYE) can be quite lumpy so they’d easily through you way over your budget and distort the analytics. An option to exclude certain transactions from the budget without marking it as excluded would be good. Maybe applied as a flag to particular (custom) categories (e.g. Taxes)?
This might also be solved by rolling budgets once they’re released by having an annual budget for taxes, but I still think this might be a useful feature for other purposes.
But yeah I think rolling budgets could be useful for this, and maybe even the new savings goal feature we’re creating?