Reply to: Aldermore -- How Easy to set up, How Easy to use

[WordIsBond]

Yup. FWIW there's quite a lot of support, particularly among the GOP, to repeal FATCA.

Which means they probably won't win the election, if they actually have any sane policies. But if they are the sane party, why Trump? Which brings to mind Churchill's quote about the best argument against democracy....

[jamesbrown]

LOL @NLUK.

Not particularly close to any of those SBI branches, but will surely be meeting one of my clients in London before long, so that may be my best plan.

Yes, FATCA is a classic example of government doing things that make life harder for the honest and law-abiding, using the dishonest as their excuse. They talk about how much it brings in, but no one wants to talk about how many US citizens renounce their citizenship to be free of an absurd burden that has nothing to do with them, and how much revenue they lose as a result. No one talks about how FATCA hinders partly US-owned/operated businesses abroad and costs them money, reducing US tax take.

Government policy makers act and no one expects people/businesses to react. Unintended consequences are impossible, as far as policy makers are concerned. Idiots. The only satisfying thing about FATCA is it gives hope that HMRC aren't the stupidest people on the planet -- the imbeciles across the pond are giving them a run for the title.

Yup. FWIW there's quite a lot of support, particularly among the GOP, to repeal FATCA.

[WordIsBond]

LOL @NLUK.

Not particularly close to any of those SBI branches, but will surely be meeting one of my clients in London before long, so that may be my best plan.

Yes, FATCA is a classic example of government doing things that make life harder for the honest and law-abiding, using the dishonest as their excuse. They talk about how much it brings in, but no one wants to talk about how many US citizens renounce their citizenship to be free of an absurd burden that has nothing to do with them, and how much revenue they lose as a result. No one talks about how FATCA hinders partly US-owned/operated businesses abroad and costs them money, reducing US tax take.

Government policy makers act and no one expects people/businesses to react. Unintended consequences are impossible, as far as policy makers are concerned. Idiots. The only satisfying thing about FATCA is it gives hope that HMRC aren't the stupidest people on the planet -- the imbeciles across the pond are giving them a run for the title.

[jamesbrown]

Well, well. Plan B is based on the fact that my wife's citizenship makes it easy for me to leave these hallowed isles. But having her as a director also means I can't get an Aldermore account, which is mildly irritating. Maybe I'll call them back and ask if they are racist, that should be fun.

Next best instant access account, according to the best buy tables, is Nationwide, but they don't have Internet access on their account. Maybe they'll join the 21st century someday. Anyway, that means I'm still looking around. Anybody know of an instant access, online functional, easy to open and easy to use instant access savings account that pays 0.5% or more? I guess I'll just use 6 month and 12 month fixed term savings for the CT.

TBH, if your wife is a US citizen, you'll likely struggle with most banks post FATCA.

That being said, I'd also recommend Nationwide, unless you plan very regular withdrawals. It doesn't have online access, but you can operate via e-mail (between linked accounts). It isn't much hassle in practice.

[PerfectStorm]

Isn't that going to be a problem for a dwindling number of us?

They have branches in the UK

[northernladuk]

There is also State Bank of India that pays 1.5%!
Opened in branch, but online after that, must maintain £10k balance

Isn't that going to be a problem for a dwindling number of us?

[PerfectStorm]

There is also State Bank of India that pays 1.5%!
Opened in branch, but online after that, must maintain £10k balance

[WordIsBond]

Well, well. Plan B is based on the fact that my wife's citizenship makes it easy for me to leave these hallowed isles. But having her as a director also means I can't get an Aldermore account, which is mildly irritating. Maybe I'll call them back and ask if they are racist, that should be fun.

Next best instant access account, according to the best buy tables, is Nationwide, but they don't have Internet access on their account. Maybe they'll join the 21st century someday. Anyway, that means I'm still looking around. Anybody know of an instant access, online functional, easy to open and easy to use instant access savings account that pays 0.5% or more? I guess I'll just use 6 month and 12 month fixed term savings for the CT.

[jmo21]

Aldermore instant access at 1.1%
Aldermore fixed-term account for the corporation tax at 1.88%

Cambridge and Counties 30 day notice account - 1.49%
Cambridge and Counties 95 day notice account - 1.74%

All only interact with one nominee account so no-one can make a payment to a new recipient on your behalf.

I've got (and had) numerous customized length/rate accounts with Aldermore. Just opened another one today to stick my 16/17 corp tax in, due Dec 17, got 1.92%

[TheFaQQer]

Which account options has everyone used?

Aldermore instant access at 1.1%
Aldermore fixed-term account for the corporation tax at 1.88%

Cambridge and Counties 30 day notice account - 1.49%
Cambridge and Counties 95 day notice account - 1.74%

All only interact with one nominee account so no-one can make a payment to a new recipient on your behalf.

[PerfectStorm]

For some reason withdrawals on a sunday/out of hours don't seem to happen 'fast' - I made a large withdrawal for my corporation tax last night and it still hasn't appeared in my business current account as of this morning. Glad I didn't wait till the 31st...

It could also be that they give larger payments more scrutiny. They do specify 2 days for all transactions, maybe they're going to use the full SLA for big ones?

[jmo21]

Here's what I had in mind.

1. End of each quarter, estimate my corporation tax for that quarter and plug that amount into a customised fixed rate account, to come due in time to pay the tax. So for the first quarter of my year, I'll be looking at a year and a half, second quarter fifteen months, etc. So if I follow this plan, I'll have four different ones all maturing just before my corporation tax due date. I'll probably do this even if I go elsewhere for the easy access account.

2. Use the easy access account to get interest on operational funds and dividends prior to payout. I'll have my tax mule (as you impolitely call her when you are feeling grumpy :P) put most of each invoice, when it comes in, into the easy access savings, then pull out what is needed (plus a little for cushion) when she does payroll / pays bills each month, or when she pays dividends quarterly.

I need to have at least some of this in a different bank from my main business account, because I now have six working for me, and if multiple invoices hit all at once and the savings is built up just prior to paying CT, I could breach £75K. I could keep the easy access account in my main bank but the interest is paltry and the bank has me irritated, I'll probably be changing sometime.

I've been doing this for the last couple of years

[WordIsBond]

Which account options has everyone used?

Here's what I had in mind.

1. End of each quarter, estimate my corporation tax for that quarter and plug that amount into a customised fixed rate account, to come due in time to pay the tax. So for the first quarter of my year, I'll be looking at a year and a half, second quarter fifteen months, etc. So if I follow this plan, I'll have four different ones all maturing just before my corporation tax due date. I'll probably do this even if I go elsewhere for the easy access account.

2. Use the easy access account to get interest on operational funds and dividends prior to payout. I'll have my tax mule (as you impolitely call her when you are feeling grumpy :P) put most of each invoice, when it comes in, into the easy access savings, then pull out what is needed (plus a little for cushion) when she does payroll / pays bills each month, or when she pays dividends quarterly.

I need to have at least some of this in a different bank from my main business account, because I now have six working for me, and if multiple invoices hit all at once and the savings is built up just prior to paying CT, I could breach £75K. I could keep the easy access account in my main bank but the interest is paltry and the bank has me irritated, I'll probably be changing sometime.

[Andy O]

Which account options has everyone used?

I have the Easy Access Business Savings at 1.09% plus a Customised Fixed Rate at 1.27% for 6 months where I put my Corporation Tax until it's time to pay it.

[northernladuk]

Which account options has everyone used?