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Post Info TOPIC: Personal Loan
Shamus


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Personal Loan
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Hi Mark,

provided that the loan was taken out purely (wholly and exclusively) for business purposes then yes.

If there is duality in the loan (i.e. van for the busines, repay loan and a holiday for the family) my understanding is that non of it is allowable.

I try to discourage clients from doing this but in these tough times it seems that loans taken personally for business purposes are the only way to raise finance.

HTH,

Shaun.

p.s. this damn editor losing my paragraphs is driving me crazy!



-- Edited by Shamus on Thursday 4th of July 2013 01:08:01 PM

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Shaun

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Marky65


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Thanks Shaun

That's what I thought.

I agree about clients doing this and when I spoke to him about it, his response was 'Well the bank won't lend it to me any other way' and the banks will continue to do this whilst they can get rates of 26.9% accepted on personal loans

Mark

ps I should talk to a mod about the editor, oh wait ....



-- Edited by Marky65 on Thursday 4th of July 2013 02:09:24 PM

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Marky65


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and now just seen what it has done to mine, maybe I shouldn't have tried to make light of it :)

I can see why you get annoyed and this is the 1st time it has happened to me.

 

Edited because now 1st should now read 2nd



-- Edited by Marky65 on Thursday 4th of July 2013 02:10:20 PM

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Marky65


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Hi

If a client takes out a personal loan to purchase a van for their business, is the interest an allowable expense.

Thanks for your help

 

Mark

 



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Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 
Shamus


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Marky65 wrote:

ps I should talk to a mod about the editor, oh wait ....



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shamus


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I'm waiting for Steve to get back in touch over another site issue in relation to my BKN account before hitting him with this one.

The work around on this is that if you use advanced editor and preview before posting the formatting remains. All other options it gets compressed.

Started happening to me late last night.

 



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