I am fed up with my current credit card provider (Bank of Scotland) for various reasons.
Can anyone recommend a VISA card for small business (not personal!) use?
I never withdraw cash. I always pay the cards in full, therefore I don't care about the APR. I am not bothered about reporting facilities or import into Quickbooks etc. Are there any low or no annual fee cards in the UK?
Last year, they "forgot" several times to send the monthly statement out and one occasion it required several phone-calls and a letter to the Governer to get a copy. Bloody nuisance when you have to do a VAT return with a missing CC statement. Now we got a letter with 1 working day's notice announcing that they are going to up their annual fee.
Annual fee, for what?
I'm not quite sure why you think a credit card is a simple facility. For the consumer, there are hundreds of cards to choose from: high/low interest, with/without cashback etc.
I meant that from the bank's perspective the facility is a simple one - there is a limited amount of credit risk involved, as business cc s normally require payment in full on due date, and the limits are typically small. Larger limits are normally supported with security.
I was not referring to the consumer's simplicity in choosing a provider!
Not necessarily. The card is just a payment method, isn't it? So it wouldn't be a private purchase, but a business purchase funded with borrowed private money which is then reimbursed. The only snag might be that the card company would consider all the purchases to be personal in terms of purchase protection, and the company might not be able to enforce such issues against the company, but on the other hand such protection might not even be available to business card customers.
Example 1: ES Ltd orders chromatometer from Photons R Us and gives them ES Ltd's company card number. Photons R Us sends ES Ltd proper invoice etc. Card company sends ES Ltd monthly statement. ES Ltd writes company cheque to card company and ES sends errand boy to bank, or does the modern equivalent using internet banking from company account.
Example 2: ES Ltd orders chromatometer from Photons R Us and gives them ES's personal card number. Photons R Us sends ES Ltd proper invoice etc. Card company sends ES monthly statement. ES Ltd writes company cheque to card company and ES sends errand boy to bank, or does the modern equivalent using internet banking from personal account.
There is no substantial difference. Photons R Us bills ES Ltd, ES Ltd settles card bill. That's that as far as the business transaction is concerned, including proper invoicing, VAT, etc. The card bill itself can be addressed to anyone. The card company isn't invoicing anyone, it's just another "bank", a bit like a petty cash pot.
I don't see how using a personal credit card should be a hindrance to an invoice going to the company.
Not in my experience, I have a personal card dedicated to use for my Ltd. company. The invoices and everything related to what I buy for the company with the card refer to the company, not me. The card is simply a payment medium. Thus for VAT, company tax, etc. all the paperwork is in place for the company. The IR/Customs don't care
*how* the invoice was paid as long as it is invoiced to the company.
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