I've made a bit of an error - I purchased some business insurance from QDOS but chose to pay via direct debit (I'm not sure why in hindsight - I was just starting out).
I'm paying for it out of my personal account and wish to claim this expense from my limited. I have received an invoice from QDOS for the full amount on 20th February this year (with the mention that it's to be paid as N equal instalments).
My question is - do I class this as an expense for the full amount on the 20th February and pay myself back the full amount (leaving me to worry about the direct debits) or do I expense each month that I actually pay the instalment as a separate item?
I'm guessing it's the former but I can't find anything to confirm this. Lesson learned - don't muck around with direct debits for such small amounts!
I'm paying for it out of my personal account and wish to claim this expense from my limited. I have received an invoice from QDOS for the full amount on 20th February this year (with the mention that it's to be paid as N equal instalments).
My question is - do I class this as an expense for the full amount on the 20th February and pay myself back the full amount (leaving me to worry about the direct debits) or do I expense each month that I actually pay the instalment as a separate item?
I'm guessing it's the former but I can't find anything to confirm this. Lesson learned - don't muck around with direct debits for such small amounts!
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