Also:-
Get married
Have kids
That'll sort your bank balance right out.
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Previously on "What's next after maxing your S&S ISA and SIPP?"
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If you have some energy and an interest in property, open another Ltd Co (SPV) for investing into BTLs. Your IT Ltd Co can give an open-ended loan to your Property SPV and that can be invested in BTLs.
It's not difficult but can be time consuming. There is also a risk of the property market facing some quite significant headwinds what with rising interest rates and cost of living impacting tenant affordability.
Personally I'm not buying property at this time unless I see a 'deal', and I also have cash devaluing in the bank right now
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Originally posted by d000hg View Post
Having too much money isn't really something to worry about. Stick it in the bank, buy property, get into altruism or a hobby.
Spend more time doing the things that are important to you, being with the people that are important to you, having a positive impact.
You don't want to be the richest fool in the graveyard.
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Originally posted by northernladuk View PostSo you don't touch the money in the ISA and just live off the salary? I'd agree with ensignia on this one. Don't let the tax tail wag the dog. Enjoy your money a bit.
Having too much money isn't really something to worry about. Stick it in the bank, buy property, get into altruism or a hobby.
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So you don't touch the money in the ISA and just live off the salary? I'd agree with ensignia on this one. Don't let the tax tail wag the dog. Enjoy your money a bit.
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Originally posted by BigLadFromBeeston666 View PostInterested to hear what people do once they top up their SIPP and S&S ISA. At the moment I:
- Pull full dividends up to the lower rate as soon as the tax year begins
- Bosch it straight into a S&S ISA
- Set a small monthly salary to live one
- Invest company funds into a SIPP
It leaves me with a personal cash surplus way above an emergency fund and with inflation so high it seems a bit daft. I've thought about opening a GIA or even maybe an SPV for BTLs but so far have opted to just leave a chunk in Chase earning minimal interest.
In fairness this is more of a personal tax planning question than an accounting one.
Going back awhile, I paid £80k into my SIPP for two consecutive years, using previously unused allowance.
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What's next after maxing your S&S ISA and SIPP?
Interested to hear what people do once they top up their SIPP and S&S ISA. At the moment I:
- Pull full dividends up to the lower rate as soon as the tax year begins
- Bosch it straight into a S&S ISA
- Set a small monthly salary to live one
- Invest company funds into a SIPP
It leaves me with a personal cash surplus way above an emergency fund and with inflation so high it seems a bit daft. I've thought about opening a GIA or even maybe an SPV for BTLs but so far have opted to just leave a chunk in Chase earning minimal interest.
In fairness this is more of a personal tax planning question than an accounting one.
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