I'm heading off on holiday sharpish at the end of the week, and for convenience I'd like to have MyCo pay me this month's expenses and mileage a day or two in advance (I do know exactly how much it will come to). Is this acceptable?
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(Re-)imbursing expenses early
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Fine by me, go ahead. -
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If it's not yet due to you because you've not spent the money yet then it creates a loan, but a loan outstanding for just a few days has no tax implications so no worries there. If it's expenses you've already incurred then they're owed to you anyway, so it's not a payment in advance at all. All goodComment
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Originally posted by Clare@InTouch View PostIf it's not yet due to you because you've not spent the money yet then it creates a loan, but a loan outstanding for just a few days has no tax implications so no worries there. If it's expenses you've already incurred then they're owed to you anyway, so it's not a payment in advance at all. All goodComment
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Originally posted by expat View PostThanks. Most of it is already incurred of course, just the mileage for the last day or two would be loaned.
IGMC....Blog? What blog...?Comment
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Can't you just set payment to come out in a few days days time? Most banks website let you set a date.
Or do you actually need the money early?Comment
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Pay yourself for the whole month except the last two days. Then pay yourself for the last two days when incurred.Comment
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Just take a directors loan for what you need then re credit it instead of transferring he money once you submit the expense claim.Comment
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What kind of contractor are you that you need mileage expenses so urgently? Just take one of those bundles of 50's from under the mattress to tide you over.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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