Spending 15k a month

pinnit2014

I certainly would not be taking the risk of thousands coming out of my own pocket and then claiming back...what happens if the company encounters cash flow problems? Like the others said - get a company credit card.

planteria

Armorica wrote: »

Planteria - direct debits can be one-off or weekly or any period. They don’t need to be monthly - that is just the most common convention (and may be the only one offered by a collecting company)

ok. do you think there is any chance of CapitalOne being persuaded to collect a weekly Direct Debit?

pelirocco

Anonmagee wrote: »

I am somewhat reluctant to rock the boat with the employer given that all employees use this current system and have done for over 20 years.

We are reimbursed as often as we like and payment is received on the same day we submit receipts.

When I first started I was submitting receipts every £200. This grew tiresome and then my expenses started to grow became unrealistic.

Currently I submit receipts once a week. Usually to the tune of about 3-6k. Occasionally with a larger transaction.

How does one run a charge card correctly?

How do you fund 3-6 k every week if you only earn what you do ? The fact you get reimbursed immediately doesn't affect the fact you need the money upfront to fund this

Let's believe for one minute this is real life, you run the risk of your employer going bust leaving you holding the baby , so to speak

InsideInsurance

Armorica wrote: »

InsideInsurance - I would be amazed if any bank investigating considered it to be 'in order' - it's conceivably somewhere on the spectrum between money laudering, tax evasion and fraud.

Money laundering can take many shapes and sizes - it doesn’t have to be one big transaction.

Employing accountants does not provide a hospital pass for senior executives (see the current Tesco case, Enron etc.)

How on earth would it be considered money laundering or tax evasion?

OP and I have fairly high expenses, in my case its normally travel given at one point I was making weekly trips alternating between USA and India with back home for the weekends.

I pay for it myself as I dont want a corporate card, I submit receipts to my employer and they reimburse me. Its an expense so there is no tax due on it for me. It was a genuine business need so the company will have expensed it against its taxes

HMRC has previously said they have no issues with airmiles or cashback etc earned off cards for paying for expenses.

What on earth do you think the issue is with this? You are certainly in the minority in thinking there are issues as in my decade of working in this field I've known many guys who do exactly the same and none have ever had any issues with HMRC or their Banks etc

msallen

I have to agree with InsideInsurance. I also use my personal credit cards to pay for work travel and then claim the expenses back. This is perfectly normal behaviour.

The amounts vary from zero up to about £12K/month depending on how many trips I have to take. I earn cashback/airmiles/Amex MR points etc by doing so, and am very happy with the little added bonus it provides.

(Of course that's bedsides extra cashback from booking via Quidco/topcashback etc, or airmiles/hotel points from the airline/hotel directly.)

If the OP trusts his employer (and he is far better placed to judge than any of us), then the kickback on £15K/month would certainly be worth having.

Satele

MrSilk wrote: »

Impossible. PIN is required after so many contactless uses.

No you wouldn't be able to get a credit card with £15k limit, even if you earned £100,000 a year, not with a CCJ on your file.

Given that I had £18000 as a full-time student, I would not say this is an entirely accurate post.

Armorica

InsideInsurance - if it's just travel with major companies that's less controversial. Purchase of goods/services that may or may not exist gets a lot iffier.

jpwjpw

Satele wrote: »

Given that I had £18000 as a full-time student, I would not say this is an entirely accurate post.

but not with a CCJ against you....



I agree, this sounds super dodgy to me. You are opening yourself up to a lot of trouble if the company goes bust or has cashflow issues.

Your company could get you an Amex charge card and you could keep the MR points. That would be the way to go.

CKhalvashi

Armorica wrote: »

InsideInsurance - if it's just travel with major companies that's less controversial. Purchase of goods/services that may or may not exist gets a lot iffier.

We're not major, but in our office there's usually a sense of 'just do it and we will reimburse you' if travel is necessary for the business.

Never those sorts of amounts though, and usually we will repay up to business class travel (cheapest available on a reasonable route).

I usually fly Ryanair if it's only few days, but probably because I'm the boss

captain747

I'm very sorry but I actually find it difficult to believe this. You spend up to 35k a month and earn a mere 2.2k?

How does this work?? Are you just keeping loads of money stashed away in your current account in order to stay employed?

Something fishy going on here..