Hi,
I'm a (first-time) Director in a relatively new business. My first year end will be March 2005. Over the past few months I've been setting aside sums of money each month from my gross profits to pay the dreaded Corporation Tax. To date I've got around 20k. I understand that I'll most likely not have to pay this until 9 months and 1 day after my year end - so in reality very early in 2006.
The money is currently sitting in a 'sub-account' of my main business bank account eraning a paltry interest rate.
My question is, what am I actually allowed to do with this money as it's not my own? Can I open an online saving account for example and get a 5.5% return on it (Egg.com)? I'd like relatively quick access to it should I need to use it for any business emergency.
All advice gladly received
thanks