Managing day to day travel expenses - what do you do?

[cojak]

Barclaycard is stopping my card in October.

[darrylmg]

Really? When?

Also, do you have to pay for that card, or is it free?

[ee61re]

Barclaycard Business is stopping cards for 1 Director companies.

Really? When?

[Scruff]

Register with noddle.co.uk and you will see that the monthly balance on your credit card is shown along with monthly payment. BTW noddle is a free credit checker.... It's useful for checking your credit score and history of searches

[JB3000]

Hi all,

I currently have a low limit credit card from my bank which I've been using for day to day business expenses for the last 4 years or so (Including permie life). I carried this approach over to my business because I find it easier to simply account at the end of the month for what I want to claim back* and then do so. I do this in a separate spreadsheet and then just fill it in as one line item on my SJD spreadsheet. I like doing this because it means my main accounts spreadsheet isn't 30 rows of silly on the road expenses. Plus, I mark up on it that I've scanned the receipts etc.

Anyhow, I'm quite happy with all this but I've been to see an IFA today about getting a mortgage later this year/early next year and he indicated that I could do with stopping this. It's not a huge deal, but given the market and how new to business I am I want us to be in the absolute best position possible. We're debt free other than this, so I guess he thinks it's worth the change as it'll move us to 100% debt free.

So, I just wondered if people had any alternative ways of handling their day to day business expenditure?

Company credit card, if I could get one? Just put everything on company debit card? Something else I've not thought of?

*Being honest, I sometimes get to reclaim time and toss a few of them out if I think they're "pushing it" a little

I was advised by my bank that having a credit card that I use regularly and pay off promptly helps for mortgage purposes as it shows that I am someone whose good at paying back money (i.e. I would likely to be someone who would pay back a mortgage loan).

Maybe the IFA is worried that there's lots of expenses going through the personal credit card. Going forward, use your business debit card as much as possible, and try and keep the personal credit card expenditure to a minimum (otherwise it looks like you can't survive off your income and are requiring credit just to get by).

[cojak]

Maybe he's concerned about the single line entry? (Which is why I mentioned FA)

[v8gaz]

Use a miles card. We're all off to florida upper class next year, and back on BA first courtesy of business expenses via miles cards.

[vwdan]

Are you using a points based card like Tesco or something?

Nope - just a standard bank credit card.

[northernladuk]

Are you using a points based card like Tesco or something?

[vwdan]

This. I have been doing the same for as long as I can ever remember. The fact it is paid of by DD at the end of the month means it doesn't factor in to the mortgage whatsoever. They normally ask if there are any debts outstanding that are NOT paid off by the end of the month, for example a card I am stoozing on. They totally ignore a normal credit card paid off.

Seems very odd.

Fair one - I'll probably just crack on as is then. Maybe there's been something misinterpreted somewhere along the line.

[northernladuk]

The obvious question is WHY did your IFA advise against this? I think moving to 'debt-free' for 30 days of credit is a bit bogus (I pay mine in full every month and I guess you do too).

What does he suggest as an alternate means of paying your expenses?

(I enter my individual expenses into FreeAgent, it's a piece of cake as I've got a mobile app that let's me scan and add straight into FA).

This. I have been doing the same for as long as I can ever remember. The fact it is paid of by DD at the end of the month means it doesn't factor in to the mortgage whatsoever. They normally ask if there are any debts outstanding that are NOT paid off by the end of the month, for example a card I am stoozing on. They totally ignore a normal credit card paid off.

Seems very odd.

[vwdan]

The obvious question is WHY did your IFA advise against this? I think moving to 'debt-free' for 30 days of credit is a bit bogus (I pay mine in full every month and I guess you do too).

What does he suggest as an alternate means of paying your expenses?

He didn't suggest an alternative - I think in his mind he just thinks I'd be better getting rid of the card and simply leaving my other (my normal credit card, if you will) at zero balance. Then I'll have nothing to declare on the mortgage application. From what he said, I'm under the impression that if I put that I owe £800 on the credit card then they'll take that as a normal balance. Maybe he's wrong, or I misinterpreted that, though?

[cojak]

Barclaycard Business is stopping cards for 1 Director companies.

[cojak]

The obvious question is WHY did your IFA advise against this? I think moving to 'debt-free' for 30 days of credit is a bit bogus (I pay mine in full every month and I guess you do too).

What does he suggest as an alternate means of paying your expenses?

(I enter my individual expenses into FreeAgent, it's a piece of cake as I've got a mobile app that let's me scan and add straight into FA).

[vwdan]

Hi all,

I currently have a low limit credit card from my bank which I've been using for day to day business expenses for the last 4 years or so (Including permie life). I carried this approach over to my business because I find it easier to simply account at the end of the month for what I want to claim back* and then do so. I do this in a separate spreadsheet and then just fill it in as one line item on my SJD spreadsheet. I like doing this because it means my main accounts spreadsheet isn't 30 rows of silly on the road expenses. Plus, I mark up on it that I've scanned the receipts etc.

Anyhow, I'm quite happy with all this but I've been to see an IFA today about getting a mortgage later this year/early next year and he indicated that I could do with stopping this. It's not a huge deal, but given the market and how new to business I am I want us to be in the absolute best position possible. We're debt free other than this, so I guess he thinks it's worth the change as it'll move us to 100% debt free.

So, I just wondered if people had any alternative ways of handling their day to day business expenditure?

Company credit card, if I could get one? Just put everything on company debit card? Something else I've not thought of?

*Being honest, I sometimes get to reclaim time and toss a few of them out if I think they're "pushing it" a little