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Re:Frequently asked questions on expenses

30/04/2019 06:42:28
Hi,

No, you are unable to claim these as expenses as these are not purely related to the business and are more personal expenses.
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Re:Frequently asked questions on expenses

02/05/2019 12:36:49
Hi

When you are self employed and you borrow money from a family member to set up your business can you claim these repayments as expenses? What is needed to evidence this?
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Re:Frequently asked questions on expenses

02/05/2019 15:47:21
Hi there,

You cannot claim the repayment of the actual loan as an expense but if you pay interest on the loan you may be able to claim tax relief.

If you are using the cash basis please see this link:

BIM70040

If you are using traditional accounting please see this link:

BIM45665

If you have been charged interest you would need paper work documenting this.

Thanks for your question.

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