Paying company bills as a Director, using personal money

Hi. We're a new CIC and are looking to arrange insurance policies etc. If (as directors) we pay for things such as insurance policies using our personal money from our personal bank accounts (not that of the company), is this allowed? Or must the money be paid by the company? Would we need to donate our money to the company in order to do this - and would it then be taxable? Thank you

Hi dpurdie,
Unfortunately HMRC cannot provide accountancy advice.
You will need to engage the services of a professional advisor/accountant, to assist you with your enquiry.
Thank you.