Where to save!?

cleoh23

Hello, I have approximately €30,000 saved in credit union which gives little interest these days , I have my own business, it's very small and just employs myself! Obviously I dont put all he money through the books as again these days I would have nothing left for myself otherwise!
My accountant advised me not to lodge my savings approx €1200 a month into credit union or my bank a/c as it would look suspicious!
Im afraid to leave this money in my home and was thinking of putting it into online bank account where it can gain some interest! Is Rabo online bank safe? And can I still be caught out having 'extra' money???

I hope I dont come across as some sort of tax avoiding fraudulant Person, I am just trying to make savings while the business is going well and allowing me to save 1100/month!
What would u advise me to do with it?

Thank u in advance for any help!

AlmightyCushion

KBC would give the best interest for a lump sum @ 3.25% interest. For a regular monthly saver Permanent TSB let you save between €1 and €1000 a month and that earns 4% interest.

I think you really need to start putting that money through the books. I don't there is any account that will stop you getting caught out (even the online ones like Rabo). Sure they all require your PPS number to set up an account and you'll be paying DIRT on any interest so Revenue could probably figure out how much savings you have and are saving on a regular basis. Not enough on it's own to catch you out but probably enough to make them a little curious and decide to audit you.

I know that might not be what you want to hear but I think it's easier to pay it now and be done with it than have to pay it all back, plus interest, plus any fines at a later date in a massive lump sum. The former will make things tougher for you but the latter could cripple you and close your business.

Stabshauptmann

cleoh23 wrote: »

I have my own business...Obviously I dont put all the money through the books as ... these days I would have nothing left for myself otherwise!

[How can I avoid being] caught out having 'extra' money???

I hope I dont come across as some sort of tax avoiding fraudulant Person, [I just dont agree with the tax system]

What would u advise me to do[]

Seriously? Not discuss tax fraud on a public discussion board!

BuffyBot

1) See charter, especially the part about no dodgy dealings.

2) Fire accountant

3) That's exactly how this comes across.