Happy to (finally!) join this forum. Might be a silly question, but what is the best way of accounting company’s expenses if they were paid from a personal account?
Say you are director / owner of the company and you’ve made a payment using your “personal” card for something that is for your business. Purchased a necessary tool, paid to a service provider, you name it.
From taxation perspective, is it detrimental if you pay yourself back from company’s bank account?
How this transaction should be reflected in your personal and company’s EOFY tax returns?
If this matter – for the tax return, I will most certainly engage an accountant.
Thank you and again, glad to become a member of a entrepreneurial community.