I've just obtained a new client and they've just given me their records for the month. First time I've come across this and I'm stumped, so if poss I need some help!
My client uses a personal credit card for his business (he's a gardener). Obviously I can put through the books all expenses relating to the business, but he wants to me to include the credit card interest as well. Is this possible as the card is not in the business name?
I also have a few clients this applys to. As the credit card interest would relate in part to purchases made for the business, a proportion of the interest would be reclaimable. The proportion should be the percentage of purchases made for the business e.g. 100 transactions in the month, if 60 relate to the business, then 60% of the charges would be reclaimable (assuming a nil balance b/fwd of course).
