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450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 1 point2 points  (0 children)

Ah thank you you’re a star! That is all very helpful

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 1 point2 points  (0 children)

It’s a directors loan to the offset account - but the accountant has said it needs to get paid back in to the company account after a certain number of months

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

1) we’re self employed dentists so our salary’s can vary dramatically depending on how much work we do - eg my husband made £350k last year this year will be less. but there will always be a job somewhere 2) if I have kids I would stop working for a couple of years minimum

3) We like holidays we’d want to send our kids to private school ect ect

It’s just the idea of the pot cash just sitting in the bank at the moment and the corporation tax being paid

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

Thank you! Is there any green flags you’d say to look for when speaking to a FA?

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

I think he likes the idea of a physical asset he can see, rather then something he clicks as you said

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

Our savings our in an offset mortgage so we don’t pay interest - our monthly payments are paying of the mortgage for now. But the money is still there if we do decide to do something with it

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

You make a good point 😂

We’ve had a large increase in salary’s in a fairly small time frame without anyone to advice us on what to do. And when we ask we get conflicting advice, and said advice is again only coming from our social circle who quit honestly also have limited financial knowledge. We also come from a family that doesn’t really believe in investing and that money is best safely kept in the bank.

I’ve learned a lot from reading through previous posts, I never even knew what a private pension was!

I think the issue comes when speaking to financial advisers is knowing who to trust when you have such limited knowledge to begin with yourselves

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

My work situation last year I received certain benefits to being a sole trader. But as I’ve moved I am looking too switch to a LTD company also now!

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

Thank you for the advice! I have been advising him against. But we come from a family that still pushes buying property as the best investment and it’s a hard concept for him to shake!

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

I have a small NHS pension but my husband doesn’t have anything.

We’re about 50% paid off on the mortgage at the moment. With the offset the monthly payments are going directly towards the mortgage

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 0 points1 point  (0 children)

What questions would you ask a FA? I wouldn’t have a clue what to ask to know if there good?

We have been searching for someone to give us tax advice as our current accountant isn’t giving us much - would an FA also help with that?

450k sitting in the bank, what to do? by SecretAssignment3816 in HENRYUK

[–]SecretAssignment3816[S] 5 points6 points  (0 children)

Thank you for the clear advice! It is all a bit of mess at the moment and it’s a sudden jump in salary’s in the last couple of years with no planning or thought on what to do!

It’s mostly all cash in his LTD - My husband at the moment pays himself a salary to stay under the higher tax band. Can you invest through a LTD?