Ltd Co expenses - food & drinks

[fallingbrick]

Hi all,

I recently formed a Ltd company and I have some queries on what i can and can't use company monies for...

I am heading away on Friday for a Computer Game Convention in Birmingham, UK which will be the first press un-vailing of my new game… getting nervous to say the least.

Anyway… The publisher in London have paid for all the flights and accommodation etc, so all i have is the food & drinks etc.

I have paid some monies into my business account to cover these and am taking my Company Debit Card.

If I get receipts, can I use this money to pay for ANYTHING business related? i.e meals, taxi's.

Also, on Saturday evening there is a Press party where I have some interviews lined up etc. Now this is taking place in a bar within the Expo venue, but it is not a free bar! (boo hoo). What do I do with regards to this? What happens if i can't get receipts? Am I allowed to withdraw some cash to use and somehow show this on the accounts?

Any help with the above would be great received as this is my first business trip and i want to get it right!

Regards,
Matt.

 

[ChewyFruit]

Hey Matt,

Generally there are 2 ways of claiming business expenses.
1. Keep all the receipts (no tax relief for the business on entertaining though)
2. Pay a day rate or over night rate - you will find the civil serviced rates online, don't go over those allowances and you should be fine