Can bill in my name come under my Ltd company

[steve23]

Hi all,

I guess not, but wanted to ask anyway....

I have a newly set up Ltd company and - as it did not have a bank account etc - whilst getting it up and running ive been paying for stuff that is exclusively for the business. The bills have been paid by me and are in my name, so do i just have to accept the company cant claim them against tax or is there some way to do so ?

Thinking about it, i work for a Ltd company in my 'day job' and from time to time have to pay out for things from my own pocket, in which case i keep the receipt (often in my name) and claim the money back via expenses, so im guessing this can be done somehow ?

All the best

Steve

 

[Chris Ashdown]

My understanding is that anything connected with the business can be transferred to the company from your own name, I have a feeling its up to a year before you start the limited company but may be longer or shorter

 

[MyAccountantOnline]

Hi all,

I guess not, but wanted to ask anyway....

I have a newly set up Ltd company and - as it did not have a bank account etc - whilst getting it up and running ive been paying for stuff that is exclusively for the business. The bills have been paid by me and are in my name, so do i just have to accept the company cant claim them against tax or is there some way to do so ?

Thinking about it, i work for a Ltd company in my 'day job' and from time to time have to pay out for things from my own pocket, in which case i keep the receipt (often in my name) and claim the money back via expenses, so im guessing this can be done somehow ?

All the best

Steve

Ideally all company expenses should be invoiced to and paid for by the company but that doesn't mean you cant claim the expenses just because they've been invoiced to you.

What expenses have you paid on behalf of the company?

 

[steve23]

Hi, Ive paid for general stationary stuff, like business cards, etc. Setting up the web site. Had to spend a number of days away exclusively on business so ive paid for hotel costs. That sort of thing really.

Now I have my account sorted out i shall look to pay stuff via that, but its not always been possible. Ive done some more google searches and it looks like i can claim this stuff back

Im a bit confused as my business partner rang me earlier after speaking with a possible accountant for our business and had been told we could not claim anything that had not been directly invoiced to the ltd company with a marked receipt in the companies name

 

[Newchodge]

Well, there's an indication about whether to choose that particular accountant!

 

[steve23]

Well, there's an indication about whether to choose that particular accountant!

Yes, 100% what i was thinking - but im a bit surprised as they came highly recommended, so im going to check with my partner if we got the wrong end of the stick or something !

 

[Chris Ashdown]

You do need a copy of the receipts though for a paper trail, the same as any other purchase

 

[John Hemming]

I don't know if the business is trying to claim VAT back or not. However, although it is good practice to have invoices rendered in the name of the business that does not necessarily mean that vat cannot be reclaimed or costs charged to the business in some way or other (particularly when setting up a business, but you need specialist advice for the exceptions)

 

[Newchodge]

but you need specialist advice for the exceptions)

Which is what you would expect to get from the accountant!

 

[DWS]

As long as the expenses are for the purpose of trade then yes they are allowed and the expenses are treated as if they were incurred on the start date

 

[John Hemming]

Which is what you would expect to get from the accountant!

One would hope to. To be fair the law has changed in terms of what is claimable over time and the European Court of Justice did expand on the basic rule that invoices had to be in the name of the business, but advisors are supposed to keep up to speed with law and regulation.

 

[MyAccountantOnline]

Hi, Ive paid for general stationary stuff, like business cards, etc. Setting up the web site. Had to spend a number of days away exclusively on business so ive paid for hotel costs. That sort of thing really.

Now I have my account sorted out i shall look to pay stuff via that, but its not always been possible. Ive done some more google searches and it looks like i can claim this stuff back

Im a bit confused as my business partner rang me earlier after speaking with a possible accountant for our business and had been told we could not claim anything that had not been directly invoiced to the ltd company with a marked receipt in the companies name

I wonder if their has been some confusion?

I'd certainly ask for that advice to be confirmed in writing.

I don't agree. If you have paid for expenses on behalf of the company and they are solely for company business use they are allowable expenses.

 

[TheCyclingProgrammer]

Generally I'd say yes but it depends on what you have bought.

If you've bought goods/supplies for use clearly on behalf of and for use by your business (e.g. stationary) YourCo can reimburse you for these costs without any tax or reporting implications for you personally (they don't need to go on your P11D) and the company can claim them as tax deductible expenses as usual.

If you've entered some form of contract for the provision of services, especially some kind of ongoing service then it should really be in the company name otherwise it could be treated as the company paying for your own personal liabilities and potentially taxable as a BIK.

Of course, its worth mentioning that in order for any VAT to be reclaimed if you become VAT registered you should get proper VAT receipts/invoices in the company name.

 

[John Hemming]

Of course, its worth mentioning that in order for any VAT to be reclaimed if you become VAT registered you should get proper VAT receipts/invoices in the company name.

Should, is of course not the same as the word must:

https://files.pumptax.com/wp-conten...esto-Con-UK-Ltd-v-HM-Rev-Customs.Approved.pdf
and
https://www.gov.uk/hmrc-internal-manuals/vat-input-tax/vit13400