I contract through my own limited company. To date, I’ve used my company credit card for expenses – travel, subsistence, stationery – all legitimate expenses.
Is there any reason I can’t use a personal credit card and then just claim the expenses back – obviously I’ll record and receipt everything as before, but just put one expense claim in at the end of the month/when my invoice is paid.
I understand the risk about me temporarily taking on the debt, but I’m not worried about that.
The 2 reasons for down this are:
1. Fewer transactions to reconcile; and
2. I can use my cashback credit card – obviously I’ll record the cash back as income in my personal tax return.