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Recent content by ittony
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Budget Day
Are you deliberately playing dim? The choice for a one man limited company is between paying corporation tax plus dividend tax now, or paying tax free into a pension which might expect income tax on withdrawal at a lower rate later. The question is whether the latter will be possible under the... -
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Budget Day
What about forgoing dividends for a tax advantage I wonder...? -
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Tax rises?
The term "salary sacrifice" describes a contractual arrangement to do what directors are able to do an an ad-hoc basis, i.e. make direct payments from the business to a pension, does it not? It seems inconceivable the changes would target that particular arrangement alone, rather than the... -
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Tax rises?
Bloody hell, that sounds like very bad news for contractors. So someone taking 12k salary, 38k dividends and putting the rest in a sipp would take a 23% hit on that. So 7k in extra taxes for someone paying out 80k and splitting it 12/38/30. Plus another 3k if this 8% hike in divided tax comes... -
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Business Savings Account
That looks pretty good. I see the account comes in three varients; Call, Notice and Fixed. Those rates are for the Fixed version then are they? Can't believe you actually have to phone them up to get the current rates and perform the transfer!- ittony
- Post #102
- Forum: Accounting / Legal
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Business Savings Account
Is knocked off your next bill, or do they actually pay you it? And is it itself then subject to corporation tax?- ittony
- Post #101
- Forum: Accounting / Legal
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Business Savings Account
I'm thinking of giving Wise a go, at 4.54%. The only thing I'm worried about is complicating my annual return as strictly speaking I suppose this would be investment income rather than just interest, as Wise kind of present it as. Anyone using them? And if so are you just putting it down as...- ittony
- Post #74
- Forum: Accounting / Legal
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Business Savings Account
Maybe they don't, but they quite unambiguously say they do - and that's pretty off-putting.- ittony
- Post #35
- Forum: Accounting / Legal
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Business Savings Account
How about banks that don't bar companies which have earned interest elsewhere?- ittony
- Post #33
- Forum: Accounting / Legal
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Business Savings Account
It's October 2022. Inflation is 10%, base rates are 2.25%, mortgages 6.5%, personal accounts are offering instant access savings at 2.75%.... ...are there any advances on 1.5% for businesses yet?- ittony
- Post #31
- Forum: Accounting / Legal
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Business Savings Account
You'd recommend even though they forbid you from earning, or having earned, interest anywhere else?- ittony
- Post #29
- Forum: Accounting / Legal
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Business Savings Account
Just went to open account with this outfit, first thing you need to do is confirm that your business "does not have passive income" which includes "interest from savings accounts". What the...?- ittony
- Post #26
- Forum: Accounting / Legal
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ipse timing
Car insurance does tend to cover cars you started driving before you bought the policy, in my experience.- ittony
- Post #5
- Forum: Accounting / Legal
