Can I Pay Bills With My Personal Finances?
Yes, you can!
For example, imagine you forget your business card on a trip to San Francisco and need to pay for a business expense with it. What can you do?
No problem! You can pay for this expense with your personal credit card, or even in cash, but remember to ask for an invoice for your company and then let us know that you paid it with a personal account. We'll report that expense as "out-of-pocket expenses," and you can get that money refunded to your personal bank account tax-free.
Any member of the board of directors can pay the expenses with their personal money, declare them as “out-of-pocket expenses”, and later receive the reimbursement of that money in their personal accounts.
For example, imagine you forget your business card on a trip to San Francisco and need to pay for a business expense with it. What can you do?
No problem! You can pay for this expense with your personal credit card, or even in cash, but remember to ask for an invoice for your company and then let us know that you paid it with a personal account. We'll report that expense as "out-of-pocket expenses," and you can get that money refunded to your personal bank account tax-free.
Who Can Claim Out-Of-Pocket Expenses?
Any member of the board of directors can pay the expenses with their personal money, declare them as “out-of-pocket expenses”, and later receive the reimbursement of that money in their personal accounts.
Updated on: 13/10/2023
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