Business saving account

[rorybracker]

I have got quite a bit of money sitting on my LTD business current account (HSBC) and was wondering whether I could put monies into some business saving account to start earning interest?

Any recommendations please?

[ctdctd]

I have got quite a bit of money sitting on my LTD business current account (HSBC) and was wondering whether I could put monies into some business saving account to start earning interest?

Any recommendations please?

Aldermore Easy Access account - 1.1% and simple to open and operate online.

[Andy O]

Aldermore also do fixed term business savings up to 2%

[youngguy]

Forgive my ignorance on this topic, how does taking business funds and moving them to a high interest account work from an accounting perspective ? Presumably you pay some tax on the interest? At what point does it become investment activity?

[mudskipper]

Cambridge and counties also have some better rates.

Save - Cambridge & Counties Bank - Small to Medium (SME) Commercial Lending

[mudskipper]

Forgive my ignorance on this topic, how does taking business funds and moving them to a high interest account work from an accounting perspective ? Presumably you pay some tax on the interest?

You just put it down as a transfer between accounts. YourCo pays corp tax on the interest.

At what point does it become investment activity?

I'm not sure there's a clear cut answer. Check with your accountant.

[Andy O]

At what point does it become investment activity?

Savings are guaranteed and you can't lose your money, investing you take a chance and it may result in you losing your money.

[teapot418]

Savings are guaranteed and you can't lose your money, investing you take a chance and it may result in you losing your money.

Not as straightforward as that.

See here. Trading or Investment Company | Liquidation | MVL Online®

It is only an issue if you're intending to wind up the company.

[KentDogWalker]

sheesh 1% and I've got all this money sitting in Barcs.

[diseasex]

sheesh 1% and I've got all this money sitting in Barcs.

Open hargreaves lansdown on business and buy some gilts bonds or whatever...
you pay CT on interest, but no CT on dividends...