Can I claim expenses paid using personal funds?

M

MadraRua

Guest
I have a business account and transfer funds from it to my current account. I then use my Laser card to pay for expenses. Is that ok as long as you keep receipts?
 
NHG said:
Why not get a laser card for the business a/c.
Click to expand...

I can't. AIB are being very difficult. They won't even give me a credit card.

So I can't claim expenses then?
 
Is the Business a Sole Trader or a Ltd Company?

You can -- its just messier

Just do it maybe once a month with a schedule of expenses and the busincess should keep the receipts. Busiiness can transfer to you the total on the monthly schedule

Easier to account for this way
 
I'm a sole trader. I don't need the company to reimburse me as my expenses come out of my drawings. Obviously I can't claim expenses this way?

Thanks
 
Yes you can, of course you can, if you're a sole trader there's no distinction between you and your business bank account - if your personal account is the one you pay expenses out of then it IS a business bank account (as far as Revenue are concerned). What the bank choose to designate it is irrelevant in that context.

Any money that is laid out by you as the sole trader, wholyy and exclusively for the purposes of the trade is an expense. It doesn't matter what account the money is paid from.
 
Thanks mandlebrot! As no bank will give me a Visa, sometimes I have to use my Da's Visa to pay certain expenses and then I give him cash. As long as I keep the receipts, can I claim these or is that no allowed?

Thanks
 
Yes - thats fine --- just be prepared for Revenue to want to follow the trail if there is an audit
 
You must log in or register to reply here.
Menu
Log in
Register