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bigduckontax, Accountant
Category: Tax
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can i claim back loan payments

Customer Question

can i claim back loan payments
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.

Hello, I'm Keith and happy to help you with your question.


From whom and for what loans? Did you make them or did you take them out? If so to or from?


Please expand on your question.

Customer: replied 3 years ago.

I took out a loan from family members in order to buy my outdoor pursuits business. i'm currently paying back the loan and wondered if i can claim back the payments against tax.

Expert:  bigduckontax replied 3 years ago.
Ah, I see. No, regrettably these repayments are not allowable against tax, but any interest paid on such loans is. I have just had a case of a friend whose company did precisely that to a kind lender who didn't expect any interest, but received a bit!

So sorry to have to rain on your parade. Always bear in mind Benjamin Franklin's dictum that in life there are but two certainties, death and taxes.
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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.