Hi,
I have a UK limited company through which I do part time consultancy work, and it's got about 25k in the bank (HSBC). As a higher rate taxpayer through my main job, I'd like to leave the money in the company so I'm looking to earn interest on it.
I'm looking for a simple internet operated savings account similar to cahoot or egg that's open to limited companies. Can anyone suggest one?
Thanks
Andy
Doesn't this open you up to issues over "retained profits"? I'm not sure but I'd check thoroughly that the "£25k in the bank" won't get company taxation slapped on it simply for being there.
Abbey National's business current account pays 2.4% on balances over
25k. Their Business Reserve account offers 3.5%. Can be operated via the internet.
I've already paid corporation tax on it, so presumably the company can now do what it likes with it (in terms of investments at least)
thanks, I'll check that one out
Scottish Widows usually pays higher rates, but isn't internet based.
Have something to add? Share your thoughts — no account required.
Ask the community — no account required