Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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On my business bank accounts, i've got a seperate account, and put 30% of all earnings in there from each job that's recorded, to dish out at the end of year.
What's the best way to make a few quid on it, obviously I can't touch it...
Would premium bonds be a daft idea on something like this? Leave a float of say around £100, and then whenever another £100 gets added in, buy another premium bond?
May not win anything, but certainly better than sitting there doing bugger all like it is at the moment...
What do you guys do?
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John_C
Member
Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline
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http://www.ratesetter.com/default.aspx?tsr=GoogleAdWords&tcm=RateSetter&tcr=PeerToPeerLending&gclid=CNaQgcT2oqUCFVhc4wodKSemIA
www.fundingcircle.com
www.zopa.com
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Will locking the money in premium bonds, etc not be a killer for cash flow? What if you need the money for whatever reason?
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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I would guess it depends how you arrange yourself tax wise.
If you are a sole trader you could quite easily take all profit out immediately and do with it whatever you like. If it wins on the premium bonds it your winnings, not the businesses.
Plus you can withdraw cash from premium bonds in (IIRC) with 8 working days notice, so won't cause cashflow problems.
You've nothing to lose - I'd do it 
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Ah didn't realise that it was that quick to get money out, thought you had to be in for a set amount of time.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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You have to leave the money in from month end to month end to qualify for the prize draw, but you can withdraw at any time.
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
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I'd personally just leave it in an instant access business deposit account - you can get your money out whenever you want, none of this 8 working days bollocks.
That reminds me, I need to set another one of those up with my new bank! 
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G5M
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Registered: 14th Nov 10
Location: Glasgow
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I would have said business savings account like I have with Lloyds. Bung all my funds I've set aside for tax in there and let it accumulate. Only thing is I'm making 0.05% on it, which is frankly shit! (no, I haven't messed up the decimal point there!)
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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What's your business whittie?
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