Expense confusion..help!

[newbiz]

Hi,

I have a slight confusion over accounting some expenses in my newly set up company. I set up a ltd company in february.. as my poor credit rating meant i dint get a mobile phone in my name and i ended up taking the phone in my wifes name. I have been using it up for the last 4 months running up bills(around 300£,for my business requirements only). can i account this as my telephone expense in my company accounts and get it reimbursed(though the mobile phone contract is in my wifes name?)

On a different note, i would also like to talk to any accountants in the berkshire area for my accounting requirements. My company has just started out, turn over is not great still, so would need some cheap quotes please!..

Thanks for your time

[Indizine]

Is your wife a director of the company too?

[newbiz]

No..she is not a director in the company.Doesnt help i guess. It is 100% owned by me.

[Indizine]

Might be worth discussing with an accountant.

[accountantpete]

I don't see a problem in treating the bills as an expense and getting reimbursed as long as you can demonstrate that they were business calls.

[JDL]

You can have the expenses incorporated into the company's books - a bit like the MP expenses, and then get the company to pay you when it has resources.

I would suggest that the company's names should be put in the address part of future telephone bills so that you can reclaim the VAT and therefore prevent benefits in kind problems for 2009 10.

As the company has been trading since February 2009 then some of the telephone bills will need to be reported on your P11D for the tax year ended 5 April 2009 which needs to be filed by 6 July 2009.

Hi,

I have a slight confusion over accounting some expenses in my newly set up company. I set up a ltd company in february.. as my poor credit rating meant i dint get a mobile phone in my name and i ended up taking the phone in my wifes name. I have been using it up for the last 4 months running up bills(around 300£,for my business requirements only). can i account this as my telephone expense in my company accounts and get it reimbursed(though the mobile phone contract is in my wifes name?)

On a different note, i would also like to talk to any accountants in the berkshire area for my accounting requirements. My company has just started out, turn over is not great still, so would need some cheap quotes please!..

Thanks for your time