Expenses Question from a Noob

[LondonManc]

All my accounting has been on spreadsheets to date. That 70 miles will give you £31.50 at £0.45 per mile. I'd normally wait till month end/quarter end to pay out expenses but that's up to you. As others have said, if you've loaned the business £500 then repay that for a start. Unless you live the life of a monk then £31.50 isn't going to get you very far.

If it's expensed from a personal credit card, month end would make sense so that you can clear the balance off when it comes due.

If I'm working away, I'll clear the week's expenses at the weekend so that I can keep on top of it all and it only takes 5 minutes a weekend rather than having to remember what I did 3-4 weeks ago (once you're past 40 that gets so much more difficult!)

[barrydidit]

All my accounting has been on spreadsheets to date. That 70 miles will give you £31.50 at £0.45 per mile. I'd normally wait till month end/quarter end to pay out expenses but that's up to you. As others have said, if you've loaned the business £500 then repay that for a start. Unless you live the life of a monk then £31.50 isn't going to get you very far.

[pr1]

If you have to chase the accountant you may want to change to a different one. Bad accountants are usually proactive at the beginning then slack later.

??

So i signed up with an accountant, I am not really sure what they have done since then, had to chase them for VAT reg, PAYE reg, difficult to contact them and so i have binned them, and am awaiting signing up to a new accountant, but i dont want to be charged for two months concurrently, so I am in limbo for a couple of weeks.

[FrontEnder]

Short story: I have accrued 70 miles of travel expenses today. Do I simply need to document this in an expenses spreadsheet (or equivalent online system) and then do a bank tx from business account to personal account? Also, does it matter if I am reimbursing expenses daily or weekly in my Ltd's infancy? Does this matter?


Long story: So i signed up with an accountant, I am not really sure what they have done since then, had to chase them for VAT reg, PAYE reg, difficult to contact them and so i have binned them, and am awaiting signing up to a new accountant, but i dont want to be charged for two months concurrently, so I am in limbo for a couple of weeks.

I have given my bus. acc. a director loan of £500 to cover insurance etc. and I have finally received my first payment from client. I am therefore v low on cash in my personal account and want some money. I have been recording expenses so far on a FreeAgent trial.

Thanks

Recording the mileage in Freeagent should be sufficient, no need to do it in a spreadhseet again.

Have you recorded everything (all expenses, invoices, bills etc.) in freeagent? If you have you should be able to see if there is profit in the business so you can pay yourself a dividend.

If you're still not sure how much you'll be paying yourself PAYE vs Dividends, do it as a director loan for the time being. When you've had advice from your new accountant it can then be cleared when/however is best.

[SlipTheJab]

Why 45p per mile, everything I read says 40p

You need to download a new version of the internet...1st link on google

https://www.gov.uk/expenses-and-bene.../rules-for-tax

[MikhailCompo2]

Why 45p per mile, everything I read says 40p

[northernladuk]

You don't really need an accountant for the basic stuff. There are enough guides on the basics on the web. Even if you have an accountant you should be able to research and understand stuff like this.

Free agent has a mileage option as well so should be even easier.

[SueEllen]

If you have to chase the accountant you may want to change to a different one. Bad accountants are usually proactive at the beginning then slack later.

[Lance]

oh. and sell any computers you own to the company for a fair market price. Assuming they will be used wholly and exclusively for business purposes.

[Lance]

assuming lots of things... but... record the mileage. Pay yourself from company 45p per mile.

How often you do it is up to you. I do it when I can be arsed and I need the $$$

Why not pay your director loan back to yourself? There's £500 straight away.

[MikhailCompo2]

Short story: I have accrued 70 miles of travel expenses today. Do I simply need to document this in an expenses spreadsheet (or equivalent online system) and then do a bank tx from business account to personal account? Also, does it matter if I am reimbursing expenses daily or weekly in my Ltd's infancy? Does this matter?


Long story: So i signed up with an accountant, I am not really sure what they have done since then, had to chase them for VAT reg, PAYE reg, difficult to contact them and so i have binned them, and am awaiting signing up to a new accountant, but i dont want to be charged for two months concurrently, so I am in limbo for a couple of weeks.

I have given my bus. acc. a director loan of £500 to cover insurance etc. and I have finally received my first payment from client. I am therefore v low on cash in my personal account and want some money. I have been recording expenses so far on a FreeAgent trial.

Thanks