Company expenses paid from personal account

[zintractor]

Does this make any sense to anyone but the criminally insane?

You ask a question to which we recommend you go to an accountant. You then also recommend to everyone else to leave it to a professional and then you say that your not going to 2 lines later?

Not the best way to endear yourself to the forum and get help me thinks.

Sorry if that sounded *criminally insane* ... Just tried to justify why I am still doing that myself, and pointed out that I would not recommend anyone else going my way. And also highlighted what exactly I need to know in order to completely resolve it, in case anyone would bother of course. And yes, it is quite an accounting technicality, and this is probably not the place I should ask about it.

Still, thanks to everyone that responded, no matter how.

[northernladuk]

Thanks everyone for all the advice given.

It is really best to let an accountant do it all, I've discovered that by experience , as I have already made mistakes , paid for them, missed opportunities to decrease my taxes etc. So yes, I would also recommend everyone to leave that to a professional.
But as I have already being doing it for some time, spent numerous hours to figure out what/when/how should be done, been through all the returns, annual accounts etc, it doesn't make much sense to leave it now, except to get rid of the terrible overhead it really is.
I do have some accountancy training which helps ...<GULP>
Anyway, regarding the insurances I paid myself, I am currently trying to figure out what exactly operations I need to record in the books so that everything is done correctly .

Does this make any sense to anyone but the criminally insane?

You ask a question to which we recommend you go to an accountant. You then also recommend to everyone else to leave it to a professional and then you say that your not going to 2 lines later?

Not the best way to endear yourself to the forum and get help me thinks.

[zintractor]

Thanks everyone for all the advice given.

It is really best to let an accountant do it all, I've discovered that by experience , as I have already made mistakes , paid for them, missed opportunities to decrease my taxes etc. So yes, I would also recommend everyone to leave that to a professional.
But as I have already being doing it for some time, spent numerous hours to figure out what/when/how should be done, been through all the returns, annual accounts etc, it doesn't make much sense to leave it now, except to get rid of the terrible overhead it really is.
I do have some accountancy training which helps ...
Anyway, regarding the insurances I paid myself, I am currently trying to figure out what exactly operations I need to record in the books so that everything is done correctly .

[SueEllen]

Hi Zintractor

If you would like some guidance on expenses, feel free to PM or call me 0500 152 500. I’d also be happy to send you some guides – which cover expenses amongst other areas.

Jaime

You still have quite got the hand of this spamming lark have you?

Have a search for the posts from the other accountants on the board to see how "professionals" do it.

[Jaimesjdaccountancy]

Hello everyone,

I have paid my LtdCo's insurance - Professional Indemnity, public liability etc from my personal bank account and now I want to move them to company's expenses account ... How should I do that ? There must be several operations involved I guess, in order to record it properly , but not sure exactly what they are, including some transfer of the money paid from company's bank account to my personal ... May be some sort of a loan made by the director(me) to the company ...

I have also paid from my personal account for some training materials and certification, costing around 500 quid which I want to switch to MyCo's expenses...

Can anyone help me with what I need to record accounting wise ?
I'm not having an accountant and doing everything myself.

Thank you in advance.

Hi Zintractor

If you would like some guidance on expenses, feel free to PM or call me 0500 152 500. I’d also be happy to send you some guides – which cover expenses amongst other areas.

Jaime

[Clippy]

^WTS - You really need to employ an accountant by the sounds of it.

However, if you still feel you can manage your accounts yourself, then I would suggest you visit the SJD Accountancy* website and download their excel spreadsheet (called SJD Bookeeping Software) which should help in recording your accounts for the year including expenses.

*Although I am one of SJD's clients, the OP should research potential accountants themselves and choose one accordingly.

[xoggoth]

What pah said. Pay yourself back from company and make sure you keep record of what it is. I tend to keep director's loan account that shows all ins and outs.

[northernladuk]

and to be honest expenses arn't the most complicated of accoutancy tasks so if this is proving to be a stumbling block you most definately need to speak to someone.

[PAH]

For expenses initially paid from your personal account, just transfer the amount from your company to yourself and keep a note what the transfer was for. Your accountant should then do the rest.

If you don't already know you should ask your accountant what format he needs your operating details in, such as a spreadsheet detailing income (from invoices), payments (salary, vat, corp tax), and expenses. This should tie up to your company bank statements to keep things simple, so for expenses you'll be able to show what money you transferred from your company to yourself and details of what the expense was for.

I leave it to my accountant to decide what expenses I can't actually claim (and therefore have to account for it differently), I just put down anything I think is reasonable rather than checking everything up front.

[SueEllen]

If you don't have a clue on what you are doing then get yourself an accountant as it will save you money in the end as they tell you what tax allowances etc you can claim.

The only people I know who sort their accounts out 100% themselves are accountants or people who have had accountancy training.

Oh and for accountancy recommendations there are accountants on this board. You don't have to use an accountant you see in person, I've never seen mine, you just need one who answers emails promptly.

[zintractor]

Hello everyone,

I have paid my LtdCo's insurance - Professional Indemnity, public liability etc from my personal bank account and now I want to move them to company's expenses account ... How should I do that ? There must be several operations involved I guess, in order to record it properly , but not sure exactly what they are, including some transfer of the money paid from company's bank account to my personal ... May be some sort of a loan made by the director(me) to the company ...

I have also paid from my personal account for some training materials and certification, costing around 500 quid which I want to switch to MyCo's expenses...

Can anyone help me with what I need to record accounting wise ?
I'm not having an accountant and doing everything myself.

Thank you in advance.