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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I'm a sole trader and purchased stock with my personal

Resolved Question:

Hello, I'm a sole trader and purchased stock with my personal credit card. I would like to record it as my personal loan to the company.
Can I record loan repayments as allowable expenses?
Where should I record loan in companies Tax return?
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You say you are a sole trader and then mention a company. Do you trade through a limited company or are you trying to complete the SA103 self-employment pages of your tax return?
Customer: replied 1 year ago.
I am self-employed and do Tax Return Online
Customer: replied 1 year ago.
Yes, it is SA103S
Expert:  TonyTax replied 1 year ago.
Thanks. You can claim loan interest but only the proportion that relates to the expenditure on stock. So, if you use your credit card for non-business spending, you will need to split the interest between the two types of expenditure which may be a difficult calculation. As for the box you put the interest charge in, it will be either box 17 of the short self-employment pages here or box 26 of the full self-employment pages here. I hope this helps but let me know iof you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15757
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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