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Posted Thu, 27 Oct 2022 09:04:39 GMT by Hayleybeauty2022
I am a director of small limited company. Can I use my personal card to pay for purchasing goods on behalf of company? Is such purchase still qualify as company's expenses (can be deducted from profit and claimed back VAT) ? thanks
Posted Fri, 04 Nov 2022 10:55:47 GMT by
Hi Hayleybeauty2022,

If you trade through a limited company, not only must you use a business bank account, the account must also be in the company's name.  

This is because any money that the limited company makes does not belong to you, it belongs to the company.

Using a non company bank account for transactions, can have tax consequences.

You may wish to seek professional advice.

Thank you. 

 

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