Personal Credit Cards for Business

Whenever we buy anything on personal credit or debit cards we just claim the money back off the business through expenses. I should think this is what you would be best to do. Claiming the VAT is fine as long as you have some sort of personal VAT receipt. Just pay yourself a check from the business account to your personal account for whatever you have personally bought. You can only do this if you are purchasing something for the business for obvious reasons.

I'm not an accountant I am speaking from a Directors experience however my father is an accountant so I have asked him that question before. You can also use items you have bought personally upto 1 year i think it is and claim expenses for that also, aslong again as you have a VAT receipt for the product.

Pyranet UK - IT Services for Small and Medium Enterprises

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The above poster is quite correct.

Generally speaking if you use a company credit card (and the banks throw them at you in my experience) it is a heck of a lot easier to keep your accounting records, than using a personal card and doing a reclaim.

Regards,

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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

Yeah sorry, forgot to follow my post up with the fact that it is easier using a company debit or credit card. Cheers James.
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Pyranet UK - IT Services for Small and Medium Enterprises

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Thanks guys, that's good news.