Hi all,
I'm a contractor and currently using HNRY. My money gets deposited to their accounts, they cut out my tax and student loan etc. And then the leftover money comes into my account. I've heard from people (other contractors) that they keep a revolving credit facility with their bank and get all their money paid to their bank account, use this to offset the amount of interest that they have to pay on their mortgage, and then when the accountant says it's time to pay tax, you just pay it out of the account.
This is a very uneducated understanding from my end, I'm keen to learn more about how this works. Can someone give me a rundown? Thanks
I'm a contractor and currently using HNRY. My money gets deposited to their accounts, they cut out my tax and student loan etc. And then the leftover money comes into my account. I've heard from people (other contractors) that they keep a revolving credit facility with their bank and get all their money paid to their bank account, use this to offset the amount of interest that they have to pay on their mortgage, and then when the accountant says it's time to pay tax, you just pay it out of the account.
This is a very uneducated understanding from my end, I'm keen to learn more about how this works. Can someone give me a rundown? Thanks