Another expense query

[OrangeHopper]

Re: Director's Loan

If company has bank account then surely you simply make a loan (owner's capital) to the company (asuming the account has insufficient to cover costs).

When the company can afford it, it can pay you back.

More over, it is simply a question of receipts and accounts.

If self-employed then I assume it goes like this. I need new PC at £2000. I buy new PC and keep receipt. I show purchase on books. At year end 25% (£500) deducted from taxable total. I own asset worth £1500.

Where have the accountants gone?

[fiddleabout]

Re: Director's Loan

Cater Allen now issue a debit card which I use for any company purchases. Doesn't your company bank do something like that?

[OrangeHopper]

Re: Director's Loan

Use of debit card has the added advantage that expense thus paid for do not have to appear on P11D.

[malvolio]

Re: Director's Loan

That's what I do - all company expenditure (rail fares, hotels, dinner, equipment, etc.) through the company card. All I claim back directly is mileage (it's my car).

Simple on the P11D and no arguments about BIK

[Vetran]

Re: Director's Loan

me too. Debit card, and a healthy bank account (yep I signed up another victim this week)