Hi,
I run a limited company (one person, which is me) and have a daft question that my accountants aren't answering.
So in my annual limited company accounts, there is some use of home as office space, some mileage and also the odd purchase made with my private money but that are for business use. I have provided these to my accountants for the past 3-4 years, who have included it in the annual statements.
But those sums have never left my company account. Surely I should be paying that money back into my private account in the same way that you get your non-standard travel expenses paid when you're an employee? My accountants have never instructed me to do that, or flagged up the fact I haven't done it to date.
It feels like a really stupid question but I can't get an answer to it, all I find is 20 articles telling me what I can and can't claim, not how that claim works!
- Do I just make a payment out from my limited company account to my private account?
- Do I put this in my self assessment? If so, under what?
- Can I back date it a few years?
Also, it strikes me as odd that my accountants never mentioned this, and I have to question whether that sum is being taken into account in the annual tax calculations. I.e. if in my first year I had £200 in such expenses, but it never goes out, could it be that this is accidentally counted as profit in the following year?
Any enlightenment on the matter would be greatly appreciated.
Kind regards
Andrew
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