Through the business or?

Discussion in 'Accounts & Finance' started by Beav, Aug 15, 2019.

  1. Beav

    Beav UKBF Regular Free Member

    161 7
    Hi guys,

    I am about to purchase some software for my business social media profiles (will also be used for personal social media profile).

    Should I put this through my Ltd company? I am not VAT registered and just wondered if there would be any benefit? The email signed up is my personal email and not my business one but I could always forward invoices on and pay using my business bank account.

    Kind Regards
    Beav
     
    Posted: Aug 15, 2019 By: Beav Member since: Apr 30, 2018
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    15,818 3,339
    If it is just for your business I can't see why it shouldn't pay for it.
     
    Posted: Aug 15, 2019 By: Scalloway Member since: Jun 6, 2010
    #2
  3. Beav

    Beav UKBF Regular Free Member

    161 7
    WIll be for my business social media profiles but also personal (You can have multiple accounts under one subscription)
     
    Posted: Aug 15, 2019 By: Beav Member since: Apr 30, 2018
    #3
  4. Mike Hayes

    Mike Hayes UKBF Enthusiast Free Member

    1,074 284
    It would reduce your profit and therefore reduce your corporation tax liability.
     
    Posted: Aug 16, 2019 By: Mike Hayes Member since: Jan 7, 2016
    #4
  5. Victoria_V

    Victoria_V UKBF Regular Full Member

    153 19
    Hello! If you are purchasing software that you will be using for genuine business purposes,then this could be put through the LTD company and paid through the LTD company as well.

    If you are making this purchase through the LTD company,ensure that the supplier that you are purchasing the software from provides you with an invoice that is addressed to the LTD company. The LTD company’s name and its address should be shown on the invoice.

    If you are not VAT registered, you may want to consider registering for VAT even though you may not have reached the VAT turnover threshold.This may help you reclaim any VAT that you are paying on any business purchases that you may make. If you do register for VAT, you will have to submit regular VAT returns, issue VAT invoices to customers and charge VAT to customers if you are selling any taxable supplies to customers.


    https://www.gov.uk/vat-registration/when-to-register
     
    Posted: Aug 19, 2019 By: Victoria_V Member since: May 29, 2019
    #5