Company credit card

[Grahams]

Looking for a company credit card, but don't want to pay an annual fee like my bank charges. I intend to pay it off each month, but would like to spread the cash flow as opposed to using the debit card and money coming out instantly.
Just wondering what people use and would they recommend it?
Thanks
Graham

 

[Monkeybusiness]

Can’t you just use a personal credit card in the same way?
Not something I have any experience of I’m afraid.

 

[V8Druid]

as said -- just use a personal card and re-imburse ... Co. cards are a PITA ... always used my own and got it back end of the month, 'fore I had to settle it. Got two with £10k on each ... was always plenty ... never had a debit card, 'til this year.

 

[Regy53]

i mean i use lloyds which is who we bank with, nice and easy?

Amex FTW by the way. have one too and points are good

 

[Lancs Lad]

For what it's worth a lot of lads running small outfits seem to use starling bank credit cards...
No idea what their like just an observation.

 

[Grahams]

I bank with HSBC, but they want to charge me an annual fee for a credit card, as do Amex. Not really keen on using my personal card and having the accountant going through my card statements arguing over what should be personal and what business.

 

[Brendan]

I have the HSBC commercial card, gives upto 54 days intrest free. After first year there is a fee but rates are lower than most

 

[doobin]

For what it's worth a lot of lads running small outfits seem to use starling bank credit cards...
No idea what their like just an observation.

Seems to be like monzo. Popular because they will give anyone an account.

 

[6feetdown]

I bank with HSBC, but they want to charge me an annual fee for a credit card, as do Amex. Not really keen on using my personal card and having the accountant going through my card statements arguing over what should be personal and what business.

Get an additional personal card keep it for purely work

 

[Monkeybusiness]

Get an additional personal card keep it for purely work

Exactly this!

 

[DaveDCB]

See if any business bank offers a free overdraft? Same kind of thing.. I personally just use the one business account as it’s far easier to trace back , check for errors etc & hand into accountant.

 

[V8Druid]

I bank with HSBC, but they want to charge me an annual fee for a credit card, as do Amex. Not really keen on using my personal card and having the accountant going through my card statements arguing over what should be personal and what business.

so use a different card .... as for card statements/accountant ... if you have receipts for all the expenditure and the re-imbursement tallies with the receipts he has no need to. Mine never questioned it ....
otherwise, scan statements, redact your personal stuff and just leave the business expenditure readable. ... should more than suffice ..
do you do your own accounts and just have them scrutinised/checked, or does he do it all ?
are you limited/sole trader/partnership/LLP?
could take out a new card for your personal stuff and use your existing one (which I'd assume you have a good limit on) for biz (just don't tell 'em)

 

[Giles]

I bank with HSBC, but they want to charge me an annual fee for a credit card, as do Amex. Not really keen on using my personal card and having the accountant going through my card statements arguing over what should be personal and what business.

I bank with Hsbc and have a Hsbc business card its £30 a year I think just a cost of doing business works well shows in business banking app etc

 

[Grahams]

I bank with Hsbc and have a Hsbc business card its £30 a year I think just a cost of doing business works well shows in business banking app etc

Maybe I’m just being tight. That is why I posted on here for a reality check. As you say it is not a lot of money in the big scheme of things and makes sense to have it showing in the same app as the banking - keep things simple.

 

[Grahams]

so use a different card .... as for card statements/accountant ... if you have receipts for all the expenditure and the re-imbursement tallies with the receipts he has no need to. Mine never questioned it ....
otherwise, scan statements, redact your personal stuff and just leave the business expenditure readable. ... should more than suffice ..
do you do your own accounts and just have them scrutinised/checked, or does he do it all ?
are you limited/sole trader/partnership/LLP?
could take out a new card for your personal stuff and use your existing one (which I'd assume you have a good limit on) for biz (just don't tell 'em)

I scan everything and send it to the accountant to do his stuff. I have better use of my time than messing about with the accounts. As a limited company they need to be signed off by an accountant anyway.
There are always marginal purchases through the business that could be construed as personal, or there are in mine anyway.

 

[DaveDCB]

I use online hmrc approved software, upload everything into it, and submit my own quarterly vat returns. Accountant has a login so they can just pull all the details for tax return. It links to my bank account too(but I don’t use that feature as I just prefer to see the balance on my online banking separate) I think with some you can just take a photo of the invoice and it uploads the details.

 

[V8Druid]

I scan everything and send it to the accountant to do his stuff. I have better use of my time than messing about with the accounts. As a limited company they need to be signed off by an accountant anyway.
There are always marginal purchases through the business that could be construed as personal, or there are in mine anyway.

if you've already scanned the bills, it'd not take a lot more to redact (in blocks?) your personal spending ..
they only need to see the biz spend and it'd be up to you as to whether you include 'dubious' purchases or not - no arguing if they can't see them and you don't submit any invoices for said purchases ...
keeping the accounts straight is as, if not more, important, than earning the money, if you don't want to attract attention of the wrong sort.

 

[Giles]

I use online hmrc approved software, upload everything into it, and submit my own quarterly vat returns. Accountant has a login so they can just pull all the details for tax return. It links to my bank account too(but I don’t use that feature as I just prefer to see the balance on my online banking separate) I think with some you can just take a photo of the invoice and it uploads the details.

Which one? Xero or quick books?

My accountants cost me £3k a year for year end, £200 a vat return a quarter , £130 for my self assessment on £415k turnover

 

[hiluxman]

Which one? Xero or quick books?

My accountants cost me £3k a year for year end, £200 a vat return a quarter , £130 for my self assessment on £415k turnover

What about wages, do they charge you for that too.

 

[Giles]

What about wages, do they charge you for that too.

Think that’s in with £3k only cis filling once a month and my wage slip