Managing day to day travel expenses - what do you do?

[JB3000]

Hi all,

I currently have a low limit credit card from my bank which I've been using for day to day business expenses for the last 4 years or so (Including permie life). I carried this approach over to my business because I find it easier to simply account at the end of the month for what I want to claim back* and then do so. I do this in a separate spreadsheet and then just fill it in as one line item on my SJD spreadsheet. I like doing this because it means my main accounts spreadsheet isn't 30 rows of silly on the road expenses. Plus, I mark up on it that I've scanned the receipts etc.

Anyhow, I'm quite happy with all this but I've been to see an IFA today about getting a mortgage later this year/early next year and he indicated that I could do with stopping this. It's not a huge deal, but given the market and how new to business I am I want us to be in the absolute best position possible. We're debt free other than this, so I guess he thinks it's worth the change as it'll move us to 100% debt free.

So, I just wondered if people had any alternative ways of handling their day to day business expenditure?

Company credit card, if I could get one? Just put everything on company debit card? Something else I've not thought of?

*Being honest, I sometimes get to reclaim time and toss a few of them out if I think they're "pushing it" a little

I was advised by my bank that having a credit card that I use regularly and pay off promptly helps for mortgage purposes as it shows that I am someone whose good at paying back money (i.e. I would likely to be someone who would pay back a mortgage loan).

Maybe the IFA is worried that there's lots of expenses going through the personal credit card. Going forward, use your business debit card as much as possible, and try and keep the personal credit card expenditure to a minimum (otherwise it looks like you can't survive off your income and are requiring credit just to get by).

[Scruff]

Register with noddle.co.uk and you will see that the monthly balance on your credit card is shown along with monthly payment. BTW noddle is a free credit checker.... It's useful for checking your credit score and history of searches

[ee61re]

Barclaycard Business is stopping cards for 1 Director companies.

Really? When?

[darrylmg]

Really? When?

Also, do you have to pay for that card, or is it free?

[cojak]

Barclaycard is stopping my card in October.