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#1 11-09-06 08:05:13

la.monikita
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From: SE LONDON / KENT
Registered: 12-03-05
Posts: 3,064

how do you do yours?

upon reading an article in the adi mag, re tax matters, i was wondering how everyone is doing theirs.

it said in the article that you should put all your money in the bank and then draw on it. so things like petrol should never be paid cash. yikes

well i don't put all the money in the bank but use some to buy petrol and necessities, which does not mean i don't declare it but it saves me going to a cashpoint to take cash out (pointless yikes)

what are your thoughts? lol


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11-09-06 08:05:13

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Re: how do you do yours?



#2 11-09-06 10:23:49

driverpete
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From: Nottingham
Registered: 06-02-06
Posts: 457

Re: how do you do yours?

I often use cash in hand to buy fuel or miscellaneous items. As long as you are scrupulous in accounting for it there's no problem.


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#3 12-09-06 10:12:14

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
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Re: how do you do yours?

I do it the same way most do it im sure.

I have a brand new gleaming shinning business account with Abbey National. GREAT!!!.

However. The idea was to separate all my business costs and personal. If I did 30 hours at £20 per hour then i would pay in £ 600 whether that be cash or cheques.

By eck.........In the real world the Abbey does not have an overdraft and I need the overdraft to survive at the moment.

Its ideal but for me its going to take a while longer before a can separate the two.


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#4 12-09-06 12:28:55

Karenadi
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Re: how do you do yours?

I keep a separate credit card for ALL work expenses: transfer a set amount every week into a savings a/c (work expenses), then pay the card bill in full every month: therefore no interest charges, full account of expenditure AND tax free rewards into the bargain!

Accountants idea: works for me.


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#5 26-09-06 22:25:16

sibeks
Verified Member
From: NE Hampshire
Registered: 09-01-05
Posts: 347
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Re: how do you do yours?

I buy all my petrol on the household card as we get points and points mean good deals ie Tesco credit card. All the cash and cheques go in the bank ( off setting the mortgage ) then once a month bang, big tesco credit card bill


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#6 27-09-06 10:07:07

kjs
Verified Member
From: Rossendale Lancashire
Registered: 20-05-06
Posts: 976
Website

Re: how do you do yours?

I always pay cash for whatever I'm getting. Fuel, stationary, repairs, ie tyres service etc. If I were to bank it and use a card to pay, I wouldn't have enough left in the bank to pay for anything.

Plus, no bank charges for using cheques or in some cases , cash machines.

kjs

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#7 27-09-06 19:55:26

phil jackson
Verified Member
From: Letchworth Herts
Registered: 22-06-06
Posts: 394
Website

Re: how do you do yours?

We have a separate business account, including any standing orders for car and advertising also a debit card for the business account all business transactions
are visible with a monthly bank statement private account is separate a lot easier to keep track. I pay for all business expenses using debit card including petrol.
Regards Phil Jackson


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