(Re-)imbursing expenses early

[expat]

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?

[MyUserName]

Fine by me, go ahead.

[expat]

Fine by me, go ahead.

I'll quote you on that.

[Clare@InTouch]

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 good

[expat]

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 good

Thanks. Most of it is already incurred of course, just the mileage for the last day or two would be loaned.

[malvolio]

Thanks. Most of it is already incurred of course, just the mileage for the last day or two would be loaned.

That's easy then. Get Form P39F from HMRC to account for the interest on the loaned amount (don't forget there's a bit on page 17 about why the loan was necessary) and follow it up with Form P72X to confirm there is no interest to pay and Form P72Y to confirm you haven't paid the interest that's not due, plus the mandatory amendments via the Real Time Filing Service Desk and job done...



IGMC....

[jmo21]

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?

[Old Greg]

Pay yourself for the whole month except the last two days. Then pay yourself for the last two days when incurred.

[TheCyclingProgrammer]

Just take a directors loan for what you need then re credit it instead of transferring he money once you submit the expense claim.

[northernladuk]

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.