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Bank loan interest and bank fees

20/01/2018 13:35:27
Just finishing off my return and wondered wanted to check I can include annual interest from a Bank loan, credit card interest and bank fees
Total works out as £386 for 2016-17 return.
Thank you
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Re:Bank loan interest and bank fees

22/01/2018 08:13:31
please bear with us as we need to seek technical guidance for your post
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Re:Bank loan interest and bank fees

22/01/2018 12:37:24
Hi

I can confirm the cost of interest from a bank loan, credit card interest and bank fees which are incurred in relation to the business are allowable. The attached link confirms.

https://www.gov.uk/expenses-if-youre-self-employed/legal-financial

Kind regards
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Bank loan interest and bank fees

22/01/2018 17:36:28
Thank you once again - very helpful
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Bank loan interest and bank fees

22/01/2018 17:40:39
does it include credit card interest? Can't see it on the guidance
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Re:Bank loan interest and bank fees

23/01/2018 10:30:56
Hi,

Interest on bank and other business loans, alternative finance payments, bank, overdraft and credit card charges are all allowable expenses where the borrowing is solely for the business.

Please refer to the following links;

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim45665

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim45780

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim70040

https://www.gov.uk/expenses-if-youre-self-employed/legal-financial

Kind regards
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Bank loan interest and bank fees

24/01/2018 21:28:07
Great - thank you

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