No one likes paying taxes. However, paying them can be even worse if you do not pay them in time and you get a fine or you have to borrow money in order to be able to afford to pay them.
If you are employed then your employer will pay your tax and you will also automatically pay tax on your savings as well as on some goods that you buy. You will not have to worry about finding extra money to pay for it. However, if you are self-employed or fill out a self-assessment tax return, then you will be sent a tac bill once or twice a year and you will have to find a lump sum to pay for it. You will also have to do this if you have a business and pay corporation tax.
It can be tempting to worry about the tax when the bill appears. However, it can be a big shock and you somehow have to find the money to cover it. This can be extremely hard. It is therefore far more sensible to put some money away each month to cover the bill.
You can easily work out how much to put away as well, as long as you keep up to date with your book keeping. At the end of the month, look at your profit and then put by the amount that you will be taxed on it. You should include national insurance as well, which for a sole trader would be around 25% in total. Find a savings account, which will gave you some interest, to put the money in to and then you will be able to earn something on the money.
It might seem like hard work, but it can be a really easy habit to get in to and can benefit you a lot. If you do not normally, do your books each month, it is a good habit to get in to, because you will know how well the business is doing. It will help you decide whether you are doing anything right or wring as well as whether the company can afford to buy new things or not. It can be quicker doing it monthly too, because you will more easily be able to organise the paperwork, as if you wait for a year it may have got lost or out of order and it will be much more difficult as you will have to sort everything out before you even start.