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Using personal credit card for company purchases

  • 04-06-2012 11:20am
    #1
    Vita nova
    Registered Users, Registered Users 2 Posts: 755 ✭✭✭


    Recently set up my own limited company and got my first payment into the company bank account about 2 months ago. I want to use some of this money to buy a PC for the company but the company is not yet entitled to a credit card (another 4 months reqd) and debit cards aren't available (AIB iBB a/c). I can use EFT or cheques but that's complicated and is not always an option for online purchases.

    I was thinking of using my personal credit card to buy the PC, and putting an expense form for the PC along with proof of purchase in the company accounts and then transferring the money from the company bank a/c to my personal bank a/c. Is this the normal procedure for company expenses or am I breaking some rule? In case it's relevant, I'm the owner and sole employee of the business but don't take any salary out at the moment.


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Vita nova wrote: »
    Recently set up my own limited company and got my first payment into the company bank account about 2 months ago. I want to use some of this money to buy a PC for the company but the company is not yet entitled to a credit card (another 4 months reqd) and debit cards aren't available (AIB iBB a/c). I can use EFT or cheques but that's complicated and is not always an option for online purchases.

    I was thinking of using my personal credit card to buy the PC, and putting an expense form for the PC along with proof of purchase in the company accounts and then transferring the money from the company bank a/c to my personal bank a/c. Is this the normal procedure for company expenses or am I breaking some rule? In case it's relevant, I'm the owner and sole employee of the business but don't take any salary out at the moment.

    Yeah it's not a problem to do as you've outlined. If your co is VAT registered don't forget to get a VAT invoice for the purchase of the PC. (The fact that it's made out to you rather than the company won't in practice affect your entitlement to the input credit.)


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