Quick question about a self-employed expense!
Discussion
Hi there,
Got a really basic question that I'm struggling to find an answer for on Google!
Basically two weeks ago I set up as a sole trader, graphic design and illustration etc.
I currently have done only small transactions in my business bank account (the odd £50 for business cards etc,) other than that my actual balance is pretty much £0.00.
Tonight my partner is coming with me to purchase a Macbook Pro as a necessity for my business - he is going to pay for it with his bank card and his money.
I aim to pay him back £200 from my business account, direct debit, each month until paid for.
Question is, because this is a new machine and used 100% for my business, how do I record this as a machine I've purchased (or will be purchasing monthly) on my expenses... considering the transaction isn't actually coming from my account? Can I just put it as an expense anyway and keep the receipt? Shall I just record the monthly payments to my partner's bank as an expense with explanation alongside stating what it's for, as well as keeping the receipt?
Thanks!
Got a really basic question that I'm struggling to find an answer for on Google!
Basically two weeks ago I set up as a sole trader, graphic design and illustration etc.
I currently have done only small transactions in my business bank account (the odd £50 for business cards etc,) other than that my actual balance is pretty much £0.00.
Tonight my partner is coming with me to purchase a Macbook Pro as a necessity for my business - he is going to pay for it with his bank card and his money.
I aim to pay him back £200 from my business account, direct debit, each month until paid for.
Question is, because this is a new machine and used 100% for my business, how do I record this as a machine I've purchased (or will be purchasing monthly) on my expenses... considering the transaction isn't actually coming from my account? Can I just put it as an expense anyway and keep the receipt? Shall I just record the monthly payments to my partner's bank as an expense with explanation alongside stating what it's for, as well as keeping the receipt?
Thanks!
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