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How to protect Ltd Co Assets
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shellbell63
Posts: 67 Forumite
I've found lots of info on how to safeguard personal savings - but am at a loss at what to do about Ltd Company savings.
We have significantly more to worry about in the Companys current & savings accounts - with Lloyds & Alliance & Leicester at present.
So any recommendations on how to spread risk in the current climate?
And what, if any, proptection is given to Ltd Co business accounts?
Urgent info would be really appreciated!
We have significantly more to worry about in the Companys current & savings accounts - with Lloyds & Alliance & Leicester at present.
So any recommendations on how to spread risk in the current climate?
And what, if any, proptection is given to Ltd Co business accounts?
Urgent info would be really appreciated!
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Comments
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And what, if any, proptection is given to Ltd Co business accounts?
none. (at least as far as I can see as it appears limited companies are treated as "large" businesses and exempt). Sole trader/partnerships are treated as individuals.So any recommendations on how to spread risk in the current climate?
Stick with the Lloyds, HSBC, Abbey, Barclays etcI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for reply.
Would you move from A&L then?
Our current account & couple of deposit accounts are with Lloyds. However we have a larger chunk with A&L - as rate was better.
Makes my blood boil as most Ltd companies are just ordinary guys with small businesses, like us. Very few Ltd cos are 'big boys'!:mad:0 -
No. Santander are buying them so they are fine (Santander own Abbey)Would you move from A&L then?
pros and cons. If a limited company goes under then it is able to shirk a lot of its financial liabilities. So, why should limited companies get any better protection than that which it offers its own creditors?makes my blood boil as most Ltd companies are just ordinary guys with small businesses, like us.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
A&L ok then.
Not all are the same.... we owe nothing, no overdrafts, loans etc. We only ever owe months purchases, for which outstanding sales more than cover. So why should companies like us run risk of losing hard earned, carefully built up 'cushion' for possible hard times etc??0 -
So why should companies like us run risk of losing hard earned, carefully built up 'cushion' for possible hard times etc??
I sympathise. I have to pay into the FSCS every year. Yet I am personally liable for my own advice yet have to pay for the limited companies that go under and shirk their responsibility. Its unfair but then so much in life is.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Either ensure you vote dividends regularly to take out funds (obviously ensuring you leave enough in to pay your VAT and other commitments), or perhaps set-up a directors loan so you can withdraw more - a good accountant can advise, we leave very little in our Ltd account, as per advice from our accountants.
We used Lloyds TSB and in my eyes are one of the safest banks around - just an opinion though.0 -
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perhaps set-up a directors loan so you can withdraw more - a good accountant can advise, we leave very little in our Ltd account, as per advice from our accountants.
We've always tried to keep dividends below higher rate tax band. Hadn't thought of directors loan... We've been with our accountant years & hes never mentioned. Can you outline what you can/can't do & any consequences?0 -
shellbell63 wrote: »We've always tried to keep dividends below higher rate tax band. Hadn't thought of directors loan... We've been with our accountant years & hes never mentioned. Can you outline what you can/can't do & any consequences?
I don't know the intricate details, which is why we pay our accountants to handle this this - I imagine it's highly company/person specific. However talk to them about the possibilities.0 -
Appreciate that - have emailed him already.0
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