I need someone to put me back on the straight and narrow please!
Director uses a personal credit card for significant amount of business expenditure. At the year end, there is an amount owed to credit card company which has always been shown as a creditor in the accounts.
At the same time, the directors loan account is overdrawn - by more than the credit card balance, but it makes up a big part of it.
Surely, as it is a private credit card, it should reduce the director's loan and not be shown as a creditor?
Or am I missing something?
- Bank interest in 'near' facility recall situation 199 1
- Tax deductable portion of home rental cost 189 9
- JIEB Exams 131 1
- RTI 85 1
- Christmas party 100 1
- Am i Liable? 108 4
- Fee agreed but client disagrees on amount 738 10
- Checking a contract 293 8
- Flat Rate Scheme 310 15
- Altered PAYE cheque 230 5
- deleting customers on Sage 50 159 7
- VAT on garage rent 324 14
- Value-shifting 63 1
- Pattern for CTA 207 4
- Debiting private use proportion to directors loan account 450 18
- SDLT exemptions/reliefs 84 2
- Incorrect Accounts. Is it worth taking action against the old accountant? 228 3
- Film Partnership Enquiries - am I just unlucky? 241 5
- EBT 179 1
- Giving a seminar 529 28
- Desperately seeking Susan, Sam or anyone with any other name 1,209
- Experience with Islamic investor following Sharia-compliant rules? 608
- Darwinpay Partnership Assessment 407
- S464A Charge to tax: conferring benefit & BIK 314
- Agent fees to sell business 189
- Alphabet shares 189
- ACCA continuity of practice arrangement needed 182
- Quirky thread of the year: Community Awards 175
- VAT codes In Sage. Am I correct? 163
- Office recharges 147