Paid for something personal with the company card?
What to do and why it matters
It happens to almost every director eventually: the wrong card comes out of the wallet. The fix takes a minute.
What to do
Note it when you reconcile in Xero, or tell us, and the payment is coded to your director's loan account rather than as a business expense. You can then repay the company, or leave it to be offset against money the company owes you, such as expenses you have paid personally.
Why it matters
Untracked personal spend overstates your costs, distorts your profit and VAT figures, and can quietly build an overdrawn director's loan account, which carries tax charges if it is still outstanding after the year-end.
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