(UK) Paying yourself
I got made redundant from my role in environmental services last year when my firm ceased trading and after finding myself getting increasingly annoyed at the people in whatever factory job I could find, I've gone self employed predominantly being paid a day rate from one of my former colleagues who set up his own business doing pretty much what we did for the same clients, which involves travel around the country in my own car, typically staying in hotels. My rate just pays for me and my PPE and basic tools to get to the site so my business outgoings are fairly minimal. After my mileage hotels and accommodation costs, I'm making between 180 and 220 a day depending mainly on where in the country I am.
My current plan is that every time my business account has £4000, which should be once every 2 or 3 weeks. I pay myself £2000 and will put 26% of that (£520) in a tax pot, and figure over the year I should be making around £40k with 4 weeks off and the odd day here and there when I won't have any work.
Does anyone else on a similar wage use the same method? And does it help keeping track of your finances, bearing in mind I am likely to do 30,000ish miles meaning I won't get 45p a mile reduced off my tax for all of miles driven.