Fuel and meal expenses on commercial card

[xoggoth]

HM Revenue & Customs: Expenses and benefits A to Z

[TheCyclingProgrammer]

As above. Paying for your lunch, assuming they are valid subsistence expenses (i.e. Whilst working at a temporary work place) is fine and putting it on the company card just means one less thing to reimburse.

BUT, it's still a reportable expense and needs to go on your P11d at the end of the year. The only question is in which box; normally travel related expenses go in box N but there is also a box for expenses paid on a company provided credit card that it might go in instead. Ask your accountant.

Do what Jessica says re: petrol.

[Jessica@WhiteFieldTax]

Repay the petrol to the company, and purchase it privately next time, if you are going down mileage route - generally this is beneficial.

The meals on the card should be fine subject to 24 month rule; there is a lot of detail on HMRC site about what you can and can't do, eg can you have a drink with the meal, but it boils down to common sense and not abusing the situation.

[cojak]

Welcome!

You'll find a lot of answers to your questions within the CUK website.

On the right you'll find CUK Navigation. >>>>>>>>>

Look down and you'll come to the First Timers section. Have a read through there.

Basic expenses questions answered here: Contractor Expenses - How to claim Travel and other expenses via Limited Company or Umbrella

Then pay particular attention to IR35.

And here are the rules when using company credit cards: http://www.hmrc.gov.uk/payerti/exb/a-z/c/cards.htm

If you go into the Accounting/Legal forum you'll discover the thread Basic advice when running your own contractor business.

Guide to Contracts also has some good articles.

And finally - accountant recommendations - Ta-da!

Happy reading!

[northernladuk]

Get yourself an accountant.

[jimuthy]

Hi, I have a newly formed limited company (myself the only employee) and could use some advise as I am very inexperienced. I worked away from home last week and paid for meals and petrol on my business commercial credit card. I have since realised this wasn't very wise!
I was going to claim my mileage back from my company at 45p a mile - can I still do this? Also, what do I do about the meals - can I claim these back from my company?

Many thanks in advance