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Business Bank account funds

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    #11
    Originally posted by TheFaQQer View Post
    I have the following:

    1) Aldermore fixed rate savings account - locked until next summer. This contains my estimate of what the corporation tax bill will be for this year. Pays 1.76%

    2) Aldermore savings account - instant access account warchest-type fund - pays 1.09%

    3) Cambridge and Counties Bank - 30 days notice account more warchesty funds - pays 1.5%

    My Santander business account also has a reserve account which pays next to nothing, so I only have about £40 in there at the moment.

    I regularly drip-feed from the Santander current account into Aldermore, but now it will probably go into CACB instead until I get close to the £85k FSCS limit.
    I have similar.

    base account is Cater Allen, 2 Aldermore accounts with varying interest levels and locked in times, 1 Aldermore account easy access but still paying 1.09%

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      #12
      ISAs

      Originally posted by SimonMac View Post
      Same boat, I leave it where it is earning me nothing, but knowing I have 6 months or more warchest for the lean times.

      If you still have money at the end of the corp year with all liabilities taken into consideration you can pull it off and use ISA's etc, do you have provision for a pension?
      Your company cannot set up ISAs (NISAs nowadays - New ISAs) of course but it can make tax allowable contributions into your pension fund.

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        #13
        I had/have a HSBC savings account but it's a bit pointless. You only start earning anything decent after 6-12 months and the moment you withdraw anything that resets. So you can only use it for serious long-term savings.
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          #14
          Originally posted by d000hg View Post
          I had/have a HSBC savings account but it's a bit pointless. You only start earning anything decent after 6-12 months and the moment you withdraw anything that resets. So you can only use it for serious long-term savings.
          Does your bank offer any fixed term bonds or the like? If not your IFA should be able to suggest some company investments perhaps.

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            #15
            I use RateSetter (30 day notice period) for my funds - currently earning 2.2% interest. I experimented with Funding Circle but releasing funds was a nightmare, as was the level of default and the work my accountant had to do at year end to ensure everything lined up. Worth it if you plan on having the funds locked in for a while (and I did earn a decent return on what I put in) but I prefer the simplicity of RateSetter and the stable return I'm getting.

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              #16
              Originally posted by DigitalUser View Post
              I use RateSetter (30 day notice period) for my funds - currently earning 2.2% interest. I experimented with Funding Circle but releasing funds was a nightmare, as was the level of default and the work my accountant had to do at year end to ensure everything lined up. Worth it if you plan on having the funds locked in for a while (and I did earn a decent return on what I put in) but I prefer the simplicity of RateSetter and the stable return I'm getting.
              Not sure I'd risk the company money for .7%

              I guess it's better than "my" money, but still.
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                #17
                Originally posted by Forbes Young View Post
                Your company cannot set up ISAs (NISAs nowadays - New ISAs) of course but it can make tax allowable contributions into your pension fund.
                Yes, by "pull it off" I mean move it from MyCo to Personal ownership through dividends etc.
                Originally posted by Stevie Wonder Boy
                I can't see any way to do it can you please advise?

                I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

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                  #18
                  Originally posted by SimonMac View Post
                  Yes, by "pull it off" I mean move it from MyCo to Personal ownership through dividends etc.
                  Unfortunately that's the issue for Higher Rate Taxpayers - by taking a dividend, awarding a bonus, taking a higher salary etc, you end up paying income tax (and Employers as well as Employees NI when taking it through a payroll).

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                    #19
                    Originally posted by TheFaQQer View Post
                    Not sure I'd risk the company money for .7%

                    I guess it's better than "my" money, but still.
                    https://www.ratesetter.com/lend/provisionfund

                    You're welcome.

                    Note that this is why I prefer RateSetter over Funding Circle (where I expected a high level of default, but overall had a better rate of return). I believe you can use business funds with Zopa, but I've yet to try it outside a small personal investment (~£500).
                    Last edited by DigitalUser; 25 November 2014, 16:05.

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                      #20
                      Originally posted by DigitalUser View Post
                      https://www.ratesetter.com/lend/provisionfund

                      You're welcome.

                      Note that this is why I prefer RateSetter over Funding Circle (where I expected a high level of default, but overall had a better rate of return). I believe you can use business funds with Zopa, but I've yet to try it outside a small personal investment (~£500).
                      What's does it work out as after you have been taxed on the profit though?
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