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Paying Installments
wavetingle
Posts: 2 Newbie
in Cutting tax
Got a question that is a little tricky to figure out....
I have a bank loan for my business for which I pay an installment of 30000 each month...that is 360000 every year.
My question is, is it necessary for the profit and loss account to show a profit of atleast 360000.
Thanks for any help.
I have a bank loan for my business for which I pay an installment of 30000 each month...that is 360000 every year.
My question is, is it necessary for the profit and loss account to show a profit of atleast 360000.
Thanks for any help.
0
Comments
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Only the interest paid on the loan would be allowable for tax. If the interest exceeds the income, then a loss would be made, relief for which can be claimed in the usual way.£705,000 raised by client groups in the past 18 mths :beer:0
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Short answer is no.I am an Accountant. You should note that this site doesn't check my status as an Accountant.All posts on here are for information and discussion purposes only and should not be seen as professional advice.0
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