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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10132
Experience:  FCCA FCMA CGMA ACIS
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I am self employed and I know it's not a good way of doing

Customer Question

I am self employed and I know it's not a good way of doing things but I funded myself a few times by using credit cards by putting a transaction through my card machine so the money went into my account. I later paid that back from sales made. Is the money I used to pay the card back classed as profit in my tax return or is it classed as a loan to myself?
JA: Are you filing as a sole proprietor or independent contractor?
Customer: sole proprietor
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 7 days ago.
Category: Tax
Expert:  bigduckontax replied 7 days ago.

Neither, it is just using your credit card instead of a bank account.

Customer: replied 7 days ago.
Does that mean the repayments are part of my profits for the year?
Expert:  bigduckontax replied 7 days ago.

Indeed.