So, I've just started out as a Bookkeeper while I'm finishing my AAT studies after doing the books for a few friends' businesses. I operate through a limited company (registered for VAT)
While starting up, I've been self-funding business purchases out of my own pocket and obvs claiming VAT on my monthly return. Until the time arises that I generate enough money to repay myself these "expenses" would I be right in placing the purchases into the "Director's Loan Account" for the time being and include the VAT etc.
Initially, I've been making purchases from my personal credit/debit cards because Lloyds wouldn't issue a debit card until the account was being used which makes purchasing difficult. * rolls eyes *