Recent content by newguy007

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    What to do with £200k in the bank?

    No, you can do long term. It's not a directors' loan. You are basically creating a loan agreement between 2 companies. You will need to disclose it in your account filing since both companies are connected to the same owner.
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    What to do with £200k in the bank?

    I spoke to multiple IFA and they all had the same answer :) PENSION Initially, I thought I knew better so I spend over 3 months looking at various options and then decided it was the best option for the future :) I am not saying there are no other options but for pure saving, a pension is the...
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    What to do with £200k in the bank?

    I am in the same position as you. My advice would be to put £40k per year into a pension if you don't really need the cash. This will reduce your corporation tax. You don't really need IFA for this if you know what you are doing. You need to do some research and buy funds/shares. Simply open a...
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    Foreign currency exchange/investment advise

    Not for business saving account. Business saving rates are very low.
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    Foreign currency exchange/investment advise

    That's because I haven't invested the money. It's in a saving account.
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    Foreign currency exchange/investment advise

    I guess what I really want to know is whether GBP will ever drop below USD. Would Brexit devalue GBP?
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    Foreign currency exchange/investment advise

    I am not looking to gamble it away :) This is surplus funds. I am just trying to figure out whether to convert it to GBP or not.
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    Foreign currency exchange/investment advise

    I have around 500K USD in the business saving account. Is it worth converting it to GBP now or after Brexit? I know no one can predict what's going to happen but I am unsure about the option since I don't really need this funds now. Would it make more sense in investing this as USD, instead of...
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    Asset protection

    It's not going to be a loan.
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    Asset protection

    There is no need for that since I have enough buffer. The trading company doesn't need any credit but my accountancy cost will increase by at least £500 per year but I don't mind this if I can protect the asset. My main goal is to protect the asset and invest it in other areas where I will...
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    Asset protection

    I am planning to invest and start another business. I have no plans to close my main trading company. My main goal is to protect the asset. I don't think its possible to extract the cash out without paying a higher tax.
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    Asset protection

    It hasn't been transferred yet but it will be processed as a dividend. The holding company will have shares in the trading company. I was told this would be the best option.
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    Asset protection

    I am in the process of setting up a holding company and transferring the asset (cash) from my main trading limited company. I have been going back and forth with my accountant regarding protection of assets in the holding company if the main trading company runs into financial difficulty. I...
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    Is Just Eat using GDPR for its own benefits?

    They stopped sharing customer phone number due to restaurants cancelling large orders and contacting customers directly to take the order to avoid paying commission. They are trying to protect their business. There is nothing wrong with what they are doing.
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    bitcoin + xero

    Initially, I was using BitPay payment platform so when a customer pays an invoice, it was automatically converted to GBP and deposited into my bank account. This meant I can easily assign the payment to correct invoice in Xero. Recently, BitPay restricted payment from only selected few wallets...
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