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Having to pay income tax bill with credit card - can I claim interest as an expense?
djm1972
Posts: 389 Forumite
in Cutting tax
Hi,
I'm self employed, and sort of forgot about saving for my tax bill over the last 18 months, so i've just had to pay it using a balance transfer from my credit card. :eek:
It's going to take me about 5 months to clear, at a cost of around £300 in interest and balance transfer fee. Can I claim this as a legitimate business expense in this tax year
, or is it considered a personal expense and my fault for forgetting about it? :rolleyes:
I'm self employed, and sort of forgot about saving for my tax bill over the last 18 months, so i've just had to pay it using a balance transfer from my credit card. :eek:
It's going to take me about 5 months to clear, at a cost of around £300 in interest and balance transfer fee. Can I claim this as a legitimate business expense in this tax year
, or is it considered a personal expense and my fault for forgetting about it? :rolleyes: 0
Comments
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The latter - you can't claim it. Might have been cheaper setting up an arrangement with HMRC?If you want to test the depth of the water .........don't use both feet !0
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Thanks mikey, didn't realise you can do that - will investigate next time!0
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As long as you aren't a 'regular' .. they will accept an instalment arrangement. They will add interest to that - but less than an average credit card. If you do have to avail of their service - best to make the arrangement before the due date. That way you avoid the nasty 5% surcharge they add a month after the due date.
But regret their interest isn't deductible either ... before you ask!;)If you want to test the depth of the water .........don't use both feet !0
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