Money sat in BMM account: how can I make it work harder?

[jamesbrown]

Accountants generally discourage directors from taking loans, probably because directors tend to take large loans from the company and spend it all on beer and hookers then find that they are not be able to pay it back. This leaves their company no money to satisfy it's CT and VAT liabilities and HMRC quite understandably not too happy about this situation.

Thanks for the detailed info.

In lieu of a beer and hooker exemption, I'd go the safe route on this one.

[psychocandy]

Keeping it simple with regards to sticking it in a savings account in company name so no hassles, any recommendations?

I'm assuming most places wont let you open a savings account in a business name at the normal personal savings rates?

[ASB]

Keeping it simple with regards to sticking it in a savings account in company name so no hassles, any recommendations?

I'm assuming most places wont let you open a savings account in a business name at the normal personal savings rates?

Might help start your search:-

Compare the best Business Savings Accounts in the UK with Moneyfacts best buy comparison
Top 10 Instant Access Business Savings Accounts UK - Best Account Rates Comparison

[tvr450]

I use Saffron at the moment, only 1.5% but better than nothing.

Saffron Building Society | Business e-saver account [Issue 3]

[kingcook]

I use Saffron at the moment, only 1.5% but better than nothing.

Saffron Building Society | Business e-saver account [Issue 3]

I was looking at Saffron a few days ago. The 1.80% (2.25% Gross) 6 month fixed term tracker corporate bond looks a good place to stash my corp. tax before it's due for payment in January 2013. Open one up now, then another in June/July.