Personal benefit using company money

[DrV]

I'm quite new to this contracting/ltd co lark (>6mths) and am trying to think of ways that I can use my company money & that I will personally benefit from.

So far I have:

I support a local Premiership rugby team. They have a corporate player sponsorship scheme. In brief, co pays £750 & gets 2 season tkts (£450), playing shirt (£50), 2 tkts to end of season meal & a few other perks.

If I kept that money in my Co bank acc, Gordon the B@stard would take £150. So in effect, the above is costing me £600 (well, that's how I like to look at it)

Also, being a private pilot, I'm considering making an investment into a flying club I use quite frequently. For this, I would get £10 per hour off my flying (app £200-£250 a year). Though the investment value wouldn't rise by much, the perks more than make up for it.



Does anyone else have any ideas/schemes/ways of using the co money for your own fun? There must be dozens!

[shaunbhoy]

Give a Loan to the Labour Party.
Before you know it you will be a peer of the realm with access to more totty than you can shake a stick at!!

hth

The Rt Hon A. Darling

[boredsenseless]

I'm quite new to this contracting/ltd co lark (>6mths) and am trying to think of ways that I can use my company money & that I will personally benefit from.

So far I have:

I support a local Premiership rugby team. They have a corporate player sponsorship scheme. In brief, co pays £750 & gets 2 season tkts (£450), playing shirt (£50), 2 tkts to end of season meal & a few other perks.

If I kept that money in my Co bank acc, Gordon the B@stard would take £150. So in effect, the above is costing me £600 (well, that's how I like to look at it)

Also, being a private pilot, I'm considering making an investment into a flying club I use quite frequently. For this, I would get £10 per hour off my flying (app £200-£250 a year). Though the investment value wouldn't rise by much, the perks more than make up for it.



Does anyone else have any ideas/schemes/ways of using the co money for your own fun? There must be dozens!

At best the sponsorship is entertainment and you'd have to show that you actually used it for entertainment of clients.

It can't as far as I know be offset against corporation tax and you will have to pay Benefit in Kind tax if you use the tickets yourself.

Hope that helps you.

[DrV]

Boredsenseless,

You're assuming that I'm going to tell anyone of the perks. As the Co name goes into the programme every week, I could have a go at calling it advertising.

[ratewhore]

Sponsorship is a valid marketing expense imho...

[lilelvis2000]

The sponsorship bit is marketing, But I dunno about the tickets. I think you'd have to prove that you tried to wine and dine customers, potential customers but there just weren't any around!

I doubt the flying club would be a valid expense.

[thunderlizard]

it all sounds like borderline embezzlement to me