A sometimes overlooked personal liability for a director and their staff is in regard to company credit cards. Most credit cards are issued to individuals and, as a result, even if that credit card is usually paid by the company, the credit card company will look to the individual to pay the amount due under the credit card.
Further, even where a credit card is issued to a company, standard terms and conditions are that the holder of the credit card is personally liable for the debts as well as the company.
Unfortunately, there is no “magic pill” to solve this problem. So the only solution is to ensure that the credit card is paid off regularly by the company so that the balance is usually low.
If the above advice has not answered your questions you might want to review the following pages and downloadable Information Sheets:
Or please call us for free advice.
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