Laptop and phone from personal account then reimbursing

[Optimus Prime]

Would it be fine to buy a laptop via my personal account in my name then get the company to reimburse the cost later when it has money?

Would it be more HMRC friendly to transfer money to my company account and use that to pay for it?

This will be my only computer. Small amount of usage will be for personal stuff as well. Maybe some games as well. Is that a problem?

Is the whole thing an expense in this year for the company or does depreciation over time cause the expense for accounting?

Similarly for a phone - HMRC does allow one phone I see. But I am likely to use it for limited personal purposes as well. How does this play with HMRC if the free minutes from a plan are used for my personal calls as well?

I don't have an accountant yet. All help appreciated. I did read all that I found out here.

[northernladuk]

If the phone is in the business name just put the lot through the company. If the phone is in your name you can only claim the business calls, most of which will be eaten up by your free mins anyway. Just transfer it to the LTd and paid straight out the ltd account. Just fill a form in from your provior to change contract name and direct debit. V easy.

Buy laptop and put through as an expense and pay yourself expenses when you are ready

Bit worried by the comment about you company not having the money? you should have a side pot for VAT and corp tax surely? or do you mean profit?

[Greg@CapitalCity]

Re the computer, so long as your company provides it to you for business use (see HM Revenue & Customs: Computers loaned to an employee) then purchase it personally and ensure the sales invoice has your company name on it. I always say its better to buy all business expenses through the company bank account to ensure separation from personal expenses, but this is just a personal choice. In your case you have no choice if your company currently has no money.

The entire purchase will get written off against your company profits in the first year through capital allowances.

As for the mobile phone - see northernladuk above.

[Optimus Prime]

Bit worried by the comment about you company not having the money? you should have a side pot for VAT and corp tax surely? or do you mean profit?

I just registered the company. Expect to start the first contract soon.

[Optimus Prime]

In your case you have no choice if your company currently has no money.

It would be fine to just transfer, say 2k, from my personal account to the company bank account so that I can pay for it via the company card, right? And once I have some money in the company I can transfer that amount back to self? Any gotcha?

[Wanderer]

It would be fine to just transfer, say 2k, from my personal account to the company bank account so that I can pay for it via the company card, right? And once I have some money in the company I can transfer that amount back to self? Any gotcha?

Sounds OK to me - account for it as a directors loan to the company (eg startup capital) which would be repaid at some time in the future once the company has some income.

[Greg@CapitalCity]

Yes, that would work fine.