Warchest never seems enough....

[northernladuk]

You slag!

Oh sh1t! Rumbled!

[Jog On]

Mine sits in a high interest business account with my corp tax.

About 3 months worth ATM, would increase it but being quite aggressive funding my trading account - also we're looking to upsize and move to the coast so 3 months it will stay for now.

[northernladyuk]

Don't really need a warchest as no mortgage, but am very frugal so its grown to an extreme amount this year.
Tighter than a nun's wotsit, me.

Which is more than can be said for your wotsit.

Urban Dictionary: assguru

[northernladuk]

If it's in the business account I don't class it as warchest. Only once it's out, in my personal account and any personal tax paid do I count it as in the warchest.

Interesting. Surely the point of the warchest is to continue to remunerate you as normal for when you are out of work. Bearing in mind this comes from the business the excess money in the business becomes your warchest? Should be ring fenced out of profit as well.

As I said earlier I can't get enough out of the business efficiently to start a personal warchest

[northernladyuk]

Interesting. Surely the point of the warchest is to continue to remunerate you as normal for when you are out of work. Bearing in mind this comes from the business the excess money in the business becomes your warchest? Should be ring fenced out of profit as well.

As I said earlier I can't get enough out of the business efficiently to start a personal warchest

If you changed cubicles every 24 months, you'd at least be able to expense the lube.

[sasguru]

Which is more than can be said for your wotsit.

Urban Dictionary: assguru

Bada - dish!
I'll set 'em up .....

[Bunk]

Interesting. Surely the point of the warchest is to continue to remunerate you as normal for when you are out of work. Bearing in mind this comes from the business the excess money in the business becomes your warchest? Should be ring fenced out of profit as well.

As I said earlier I can't get enough out of the business efficiently to start a personal warchest

Yeah, there's a build up in the company too, but I view that as separate. I suppose they're both parts of the warchest - the company warchest and my warchest.

[d000hg]

Interesting. Surely the point of the warchest is to continue to remunerate you as normal for when you are out of work. Bearing in mind this comes from the business the excess money in the business becomes your warchest? Should be ring fenced out of profit as well.

I think you're being too legalistic here... who cares where you keep it as long as it is set aside to cover loss of income, and is not allowed to be spent? No reason your company has to continue paying you when you're out of work, but more than likely your company salary doesn't cover your costs anyway. So I'm not sure how you're going to access your warchest if you are already maxing out withdrawls from the company.. in your shoes I'd view the personal savings as warchest and the company as my retirement!

[eek]

I may be off course here but why would you want money in your business account (bar tax) if you can get it out.

I would far prefer it in my current account, personal savings or SIPP rather than earning sod all in the business.

[NorthWestPerm2Contr]

I may be off course here but why would you want money in your business account (bar tax) if you can get it out.

I would far prefer it in my current account, personal savings or SIPP rather than earning sod all in the business.

That is if you can get it out - I have only just started saving again now my house expenses are coming down. So I am looking for a personal buffer as well as a warchest....

Ultimately though the warchest is what it says on the tin - when you are "going to war" (i.e. on the bench) you have the funds to keep you going (namely in the business account). SIPP/Personal savings etc. are not part of your warchest.