business banking question

[tinman0]

Quick question.

If you have a savings account the bank deducts interest at source as sends it to Toby Blur's motley bunch.

However, if you have a Ltd company that has a deposit account bearing interest - does the bank lop off a slice of the interest to pay to Blur and Brown?

[JonRB]

tinman0 said:

However, if you have a Ltd company that has a deposit account bearing interest - does the bank lop off a slice of the interest to pay to Blur and Brown?

Not that I am aware. As I understand it, interest on interest-bearing business accounts is gross.

[Egbert Nobacon]

No simple answer I am afraid.

It depends on your Bank and the type of account you have.

In some cases you can opt for either.