Self-Assessment help needed please

Daffodil78

Hi,
I am a small online retailer and I have always completed my tax return as it was simple.
In tax year 10/11 I received an insurance payment and used some money to pay off a business loan.
Just wondered how I account for this on my return?
Hope someone can help?
Thanks in advance.

bengalknights

Insurance payment would be shown as injected capital to the business from the owner.As its insurance its not classed as taxable income in anyform.

The payment of the business loan would be shown as an outgoing from the capital injection.

Pennywise

What was the insurance payment for? Was it business or personal? If it was business, i.e. for damage or theft of business equipment or stock then it's a taxable income. If its private then it's non taxable proprietors introductions.

The payment of the loan capital isn't a tax deductible expense but any closure interest or fees will be an expense.

Daffodil78

Thank you. It was a persoanl payout so not tax deductable.
Cheers,
Daffy