simeon27
24th January 2006, 16:03
I bought an off-the-shelf limited company over 2 years ago and it has remained dormant. I am about to start trading and was wondering whether I can allocate all expenditure over the 2 years to the company. I have paid for seminars and products with my own personal credit cards that are associated with the publishing business. How can I transfer the credit card expenditure to the business?
autolycus
24th January 2006, 19:27
Ordinarily you would just submit an expenses claim form from you (personally) to the company, and then the company writes you a cheque for what it owes you.
Such payments then has to be declared on your P11D as a taxable benefit, but are then offset by claiming tax relief against them on your self-assessment form - i.e. net result is no tax payable by you.
However, I don't know if/how it affects things if the company was dormant during the period the expenses were incurred.
No doubt Alpha or some other knowledgable chap(ess) will be along soon to explain....
Dave.