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Previously on "Interest on Bank Accounts"

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  • FarmerPalmer
    replied
    Originally posted by Tool View Post
    As far as I know, you can wait up to 9 months after your tax year end to pay CT.
    Does the HMRC also pay you interests for this period?
    Yes, they pay interest from the payment date to the due date.

    and it is 0.5%:

    https://www.gov.uk/government/public...interest-rates

    Leave a comment:


  • kaiser78
    replied
    Originally posted by northernladuk View Post
    No one likes a grass...
    Fess up - you is rumbled...

    Leave a comment:


  • northernladuk
    replied
    Originally posted by kaiser78 View Post
    He revived a 12 year old thread in General too...
    No one likes a grass...

    Leave a comment:


  • kaiser78
    replied
    Originally posted by Lambert Simnel View Post
    Are you really just reviving a 10 year old thread to plug Freeagent? You on commission now?
    He revived a 12 year old thread in General too...

    Leave a comment:


  • TheCyclingProgrammer
    replied
    Originally posted by BrilloPad View Post
    Have you been promoted to mod?
    If I had I would have closed this thread already.

    Leave a comment:


  • Lambert Simnel
    replied
    Originally posted by northernladuk View Post
    I used to do that but more to make use of a better interest rate than my standard account. Freeagent has now negated the need to move it somewhere else for accounting reasons.
    Are you really just reviving a 10 year old thread to plug Freeagent? You on commission now?

    Leave a comment:


  • BrilloPad
    replied
    Originally posted by TheCyclingProgrammer View Post
    Stop it!
    Have you been promoted to mod?

    Leave a comment:


  • TheCyclingProgrammer
    replied
    Originally posted by northernladuk View Post
    I used to do that but more to make use of a better interest rate than my standard account. Freeagent has now negated the need to move it somewhere else for accounting reasons.
    Stop it!

    Leave a comment:


  • northernladuk
    replied
    Originally posted by Maxamus View Post
    At the moment im not, it just gets transfered over to my "business money manager" account. I put it in there so that its out the way. Otherwise i'll end up accidently including it in some dividend payment.
    I used to do that but more to make use of a better interest rate than my standard account. Freeagent has now negated the need to move it somewhere else for accounting reasons.

    Leave a comment:


  • Maxamus
    replied
    Originally posted by Bluebird
    how are you "spending it" ?
    At the moment im not, it just gets transfered over to my "business money manager" account. I put it in there so that its out the way. Otherwise i'll end up accidently including it in some dividend payment.

    Leave a comment:


  • Lucifer Box
    replied
    Originally posted by Maxamus
    what if i just spend the money reserved for Corp tax and then just put it back into the buisiness account when its due....?
    Then that would be a loan from YourCo to you and subject to all the usual rules governing such loans.

    Remember, company money isn't your personal slush fund.

    Leave a comment:


  • Bluebird
    replied
    Originally posted by Maxamus
    what if i just spend the money reserved for Corp tax and then just put it back into the buisiness account when its due....?
    how are you "spending it" ?, don't forget it's the companies money so has to show up on the books - you can spend it but if the expenditure ends up as BIK then you get taxed on it even more and still have to put it back !

    You could pay it out as a divi and then repay it later I suppose...

    Leave a comment:


  • Maxamus
    replied
    what if i just spend the money reserved for Corp tax and then just put it back into the buisiness account when its due....?

    Leave a comment:


  • Bluebird
    replied
    it's set @ 0.25% below base rate

    Leave a comment:


  • Tool
    replied
    Originally posted by oraclesmith
    A better idea, in my opinion, is to pay your corp tax early. The HMRC pay interest on it. I did and got a cheque from them soon after the due date. Although I haven't figured out exactly what the percentage is, according to a friend of mine who does the same it's much better than you'd get in a business savings/reserve account.

    Edit: Just looked it up. It's 5% at the moment.
    As far as I know, you can wait up to 9 months after your tax year end to pay CT.
    Does the HMRC also pay you interests for this period?

    Leave a comment:

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