Reply to: Trade accounts

[Archangel]

Forgive me if this is a stupid question!!

As a limited company does anyone know if there are any implications on setting up a trade account with Topps Tiles and buying my wooden floor from them though the company?

1. Do I get any Tax relief?
2. Will the tax man shoot me for any reason?
3. Apart from the 25% discount on the trade account would it work out any cheaper than buying it as a 'normal person'?

Thanks for any replies.

Jonny Moron

When I tried to set up an account with them they wanted confirmation that I had accounts with 2 other suppliers.

I just blagged the discount instead.

[~Craig~]

WHS - I have a Makro card in the company name, but very rarely buy anything there for the company. I just pay out of my own pocket.

yep, I have a Costco membership which my Co. pays for.

[jonny7_2002]

Trade account

My cousin has a trade account with them so i know they do them, i would imagine you have to go in to do it!

Wooden floors was just one of many things i plan to buy through trade accounts as i am looking to do up the house!

WOOD you beleive i have never done this before?

Jonny M

[oracleslave]

heh heh. Yes because ......

wait for it.....

they might go through my accounts lino by lino



geddit lino, line



igmc

Indeed. You are probably better off going to the pub and getting lacquered.

[EternalOptimist]

Is that because you might get 'floored' by the tax man?

heh heh. Yes because ......

wait for it.....

they might go through my accounts lino by lino



geddit lino, line



igmc

[moorfield]

setting up a trade account with Topps Tiles

Incidentally, Jonny M, do you have a linky for that? I had a quick squiz on their website but nothing obvious so I'm assuming you had to phone them up?

[crack_ho]

When the tax man commeth you will need to put your Tongue 'n Groove.

[DimPrawn]

Is that because you might get 'floored' by the tax man?

What a plank!

[oracleslave]

you wooden want to touch this with a bargepole


geddit ? wooden,wouldn't



igmc

Is that because you might get 'floored' by the tax man?

[TheFaQQer]

open the trade account in your co.'s name but pay in cash from your own pocket. That way you get the 25% discount but there is nothing going through your business account.

WHS - I have a Makro card in the company name, but very rarely buy anything there for the company. I just pay out of my own pocket.

[EternalOptimist]

you wooden want to touch this with a bargepole


geddit ? wooden,wouldn't



igmc

[Moscow Mule]

Are you f'n serious people?

Deadly

[Dow Jones]

To all those replies to Johny Moron

Are you f'n serious people?

[moorfield]

open the trade account in your co.'s name but pay in cash from your own pocket. That way you get the 25% discount but there is nothing going through your business account.

Ditto.

I'm currently upgrading central heating and kitting out 2 new bathrooms at home, so I setup a trade account in the ltdco name with a heating, plumbing etc. wholesaler.

Not used it yet but the idea being that I can source all the bits I need (eg new boiler) from there at lower cost than I could on the high street, and fortunately my builder is quite happy to go along with this too rather than creaming off a margin for himself.


Edit: If the suppliers do insist on payment via ltdco cheque / card etc. and its a smallish sum I guess one option you have is to put that transaction against your directors loan account and just pay the money back into ltdco from your personal account.

[miffy]

You company is an separate legal entity to you. What is your company going to do with a wooden floor?

Put the filing cabinet on it!

Honestly. Wooden floor through the limited, whatever next.