How would you protect >£75k held in your company bank account

[blackeye]

Anywhere between £600-800 p/d depending on the Bank and how straight a face I can keep when I tell them the rate.....

Like you I kept myself under the 40% threshold. Although being not that close to retirement and not trusting the Govt, I haven't been putting anything into my pension for the last 5 years.

I used to use Santander and Saffron BS for my company savings and had £75k+ in both. If I wasn't going to be closing my company then I would have opened up an account with Aldermore to split things further.

Huh, you haven't used employer contributions into a SIPP because you don't trust the government? It's one of the most efficient ways to save tax.

Don't you think it's more likely that a bank will take your money from an account than the global stock market collapsing?

Madness.

[Gaz_M]

I'm on nothing like Crack rate wise, but due to living near the big smoke my expenses are very low. I didn't pay into a pension for the first few of my contracting yrs as I wanted a bit of a war chest, so it built up a bit and I've not yet been out of work and had to dip into it.

Yes, I think it's expenses that's screwed me over the years. Living in the East Midlands I've always struggled to find local work. I'm also on nowhere near Cracks rate either.

[itjobs]

...per authorised bank or building society

£75,000 is per financial institution (includes Building Society) per person per account. So, if you have two accounts (non-joint), one in HSBC and the other in First Direct OR one in Halifax and one in Bank of Scotland, you are covered for £75,000 only. It used to be £85K though.

[Crack Addick]

Huh, you haven't used employer contributions into a SIPP because you don't trust the government? It's one of the most efficient ways to save tax.

Don't you think it's more likely that a bank will take your money from an account than the global stock market collapsing?

Madness.

I agree pension contributions are Tax efficient and also an IR35 silver bullet. But "Madness" is trusting the Govt not to change the pension rules for the worse over the next 20-30 years. Currently the rules seem to change every time the Chancellor stands up to make a Budget Statement. For example the LTA over the last 6 years was reduced from £1.8 Mio to £1.0 Mio. That may still seem a lot now, but I doubt it will look so big in 20-30 years time. (Just like IHT and the 40% tax rate was only paid by a select few 20-30 years, now a lot of "average" people in the SE can easily be caught by both)

Also, once that money is in a pension you will realistically not be able to touch it until you are 55. Before then I will have a bigger property to buy and children to bring up, so need to be able to access the money when necessary. Hence after making some lump sum SIPP contributions in the first few years of contracting I've always loaded up my ISA and then other Tax efficient saving products instead.

ChimpMaster - This isn't any use for huge amounts of money, but would still offload a few '000's depending on your profits. But I always pay my Corp Tax in full as early as possible and also make payments on account for the next years liability.

As below HMRC will very kindly pay you 0.5% to look after you money until the Tax bill is due

https://www.gov.uk/government/public...by-instalments