March sales so far

[Mark101 536]

41 minutes ago, EPV said:

Interesting idea, however a couple of things that have popped into my mind;

Not sure what card machine retailer you use but I get charged 1.4% transaction fees for accepting credit and debit cards, includes Amex. 

If I have received money into my bank account, and the revenue decided to investigate me for whatever reason, would these deposits in my business account not be viewed as income? I’m assuming they would be? If so they would be subject to vat and tax?

Not if you keep records - you can trace where the money has come from, so I wouldn't worry - how you fund your business is up to you and your credit cards are your credit line - you will be paying for the privilege but even at 1.4% on say £5,000 is only £70 - do you really think an O/D will be cheaper 1) paying for the facility whether you use it or not 2) monthly interest and 3) would the bank even extend £5,000?  

Go one stage further, get two cards - draw £5,000 off the first, then balance transfer to the second on 0% for 18 months - 2 years.

[EPV 631]

2 hours ago, Mark101 said:

Not if you keep records - you can trace where the money has come from, so I wouldn't worry - how you fund your business is up to you and your credit cards are your credit line - you will be paying for the privilege but even at 1.4% on say £5,000 is only £70 - do you really think an O/D will be cheaper 1) paying for the facility whether you use it or not 2) monthly interest and 3) would the bank even extend £5,000?  

Go one stage further, get two cards - draw £5,000 off the first, then balance transfer to the second on 0% for 18 months - 2 years.

Thanks for this, really useful to know! 

[MattR 177]

22 hours ago, EPV said:

Credit card doesn’t allow me to buy private stock, which is a big part of my stock I process! So it all points to an overdraft. Hopefully there won’t be another 2008 crash! 

Check what your personal credit card can do. I get letters from barclaycard offering transfer into your bank account at 0% for for 12 months with a 3% fee. so cash 10k, £300 fee, and no interest to pay for 12 months. it wont buy you loads of stock, but its certinly cheaper than an overdraft  

[Mark101 536]

22 minutes ago, Matt Reid said:

Check what your personal credit card can do. I get letters from barclaycard offering transfer into your bank account at 0% for for 12 months with a 3% fee. so cash 10k, £300 fee, and no interest to pay for 12 months. it wont buy you loads of stock, but its certinly cheaper than an overdraft  

Good shout Matt

How weird....this just came through by email.

Try these James, I have a £12k limit with MBNA

[EPV 631]

15 minutes ago, Mark101 said:

Good shout Matt

How weird....this just came through by email.

Try these James, I have a £12k limit with MBNA

Thanks mate. I have a £12k limit on one Amex, a £20k limit on another and a £9k limit on a barclaycard. I have access to a credit line I just wanted to make sure I wasn’t leaving myself open to a problem down the line. My accountant confirmed what you have said so that is the way I will go I think. 

[Mark101 536]

3 minutes ago, EPV said:

Thanks mate. I have a £12k limit on one Amex, a £20k limit on another and a £9k limit on a barclaycard. I have access to a credit line I just wanted to make sure I wasn’t leaving myself open to a problem down the line. My accountant confirmed what you have said so that is the way I will go I think. 

Yay - I got something right - off to tell the wife