Guys
Which bank do you guys use for transferring your CT etc to for highest interest?
Ta
Which bank do you guys use for transferring your CT etc to for highest interest?
Ta
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http://www.zopa.com/zopaweb/public/p...usinesses.html
Zopa* 6.8%
Bank of England Base Rate 4.75%
Money market – 3 months 4.35%
Money market – 1 month 4.15%
Money market – 1 week 4.00%
Money market – overnight 2.63% -
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That's a private account though, he's talking Ltd moneyOriginally posted by rootsnall
PS ICICI is 6.05%Last edited by Bagpuss; 30 May 2007, 11:43.The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”Comment
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Director's Loan !? Put it back when it's needed, not sure if it makes sense tax wise or is strictly legal but I've 'borrowed' money before.Originally posted by BagpussComment
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...but can you write it off?Comment
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Can you deposit ltd company's money in some high interest account ?Comment
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You defo can't write it off, aslong as it's in the Co bank account when your VAT or tax needs paying I don't see a problem with shuffling it around.Comment
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If you get an investigation and they go through the books there will be a problem. At best you will get hit with a bill for BIK back taxes on the sums involved at worst you could be talking fraud and tax evasion.
Your money is your money and Co. money is Co. money. Never mix them up.
The limit on Directors Loans is 5k. Technically it is illegal to take more than that but requires a complaint from shareholders to be investigated. However, large loans to directors may well be deemed as payments by HMRC and taxed accordingly.
If the loan amount does go over 5k at any point in the tax year then you are liable for BIK taxation on it anyway.
If the loan is still outstanding more than 9 months after Co. financial year end you are also liable for taxation on the outstanding amount at 25%.
In short, unless you have a damned good reason for it and keep it below 5k and pay it back within the time limits there is really no point in doing it.
If the money is in the Co. anyway then just pay it out as a Dividend and be done with it."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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That clears that up !Comment
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