Credit Card charges
November 7th, 2011
If you use your personal credit card for business use, you will probably submit a claim to your company and have to wait for re-imbursement. If you incur interest on your credit card, you can claim a tax deduction for the proportion of interest relating to business expenses. If you don’t want to wait until the end of the year to claim, ask your company to pay you exra money to cover the interest – this will be tax and NI-free as it is a reimbursement of a business expense.
The content of this article is for general information only. It should not be relied on and action which could affect your business or personal circumstances should not be taken without appropriate professional advice.
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