Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
A question for those of you that run your own businesses...
If you buy something from one of your suppliers for personal use, using your own card or whatever, do you need to put it through your books? i.e. like this:
- Supplier sells items to your business (your business pays for them)
- Your business sells the items at cost price to you personally (you pay the business personally via invoice)
I'd really rather not have to go through a process like this, but at the same time I don't want to get in trouble with HMRC!  Not having much help from Google on this either.
P.S. Don't know what section to put this in so mods please feel free to move if you think it should be in one of the Off Day sub-forums instead.
|
Gregor
Member
Registered: 28th Nov 03
Location: Paisley, Renfrewshire
User status: Offline
|
Won't be a problem at all
|
Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
|
I'm sole trader so the business account is basically my account. But obviously only if they are business related.
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
|
mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
|
Tom, Im a sole trader too, I use my "business account" for everything, materials, fuel, beer, food ect so much so I dont really use my current account any more
is this right 
|
Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
I meant supplier accounts as in, accounts with suppliers - not bank current accounts...
|
Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
|
But how do you pay the account at the end of the month??? With a cheque from the current account or bacs transfer.
Matt I think if they investigate you have to justify why you needed to purchase the goods and could be liable for extra tax. Not 100% sure though. I just give it all to my accountant to sort out
good thing is to get a personal credit card with air miles.
Buy everything with that and pay it off from the business account. This is allowed and you get loads of airmiles 
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
|
mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
|
I only keep recipts for work stuff like bits and fuel, I dont have loads of wetherspoons recipts as well haha
|
Tomnova16
Premium Member
Registered: 21st Jan 06
Location: Gerrards Cross Drives: Porsche 911
User status: Offline
|
http://www.lemass.co.uk/ for all your automotive/bodyshop needs
Located in Chalfont st Peter
|
Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
They are cash accounts Tom, because my company hasn't been trading long I can't open 30 day accounts with them so I have to pay for everything with the company debit card.
|
mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
|
its confusing as fuck, dont know why I bother sometimes
|
Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
|
Just buy whatever you want. If it's for your use just don't put the receipt through your company books.
It's a suppliers choice to give you discount, nothing to do with hmrc.
I've had loads of stuff from my suppliers that I've used for myself. Recepit just got put my my personal stuff.
Job sorted.
|
Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
Cool, thanks Gary. 
|
