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Business Account & limits

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    Business Account & limits

    With the Govt legislation only protecting only up to 50k if you hold cash in a bank account, what would be the recommendation here, is it better to split the money into several business accounts ?

    Lastly, I have not been drawing out that much money from business account for the last 8 months, I would like to know how others draw money out of their accounts ?

    My accountant does my accounts for me, and I do ask for a tax exposure estimate, as long as I keep this money aside and that of VAT, anything stopping me from drawing out little money when I need it ?

    #2
    Originally posted by platforminc View Post
    With the Govt legislation only protecting only up to 50k if you hold cash in a bank account, what would be the recommendation here, is it better to split the money into several business accounts ?

    Lastly, I have not been drawing out that much money from business account for the last 8 months, I would like to know how others draw money out of their accounts ?

    My accountant does my accounts for me, and I do ask for a tax exposure estimate, as long as I keep this money aside and that of VAT, anything stopping me from drawing out little money when I need it ?
    It's £85k now not £50k.

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