Business Loans

mr_pink

A while back at the HMRC website I was reading about tax relief on loans taken out for a business. However even though I've spent ages looking there now I can't find this information again.

I got the impression that there is tax relief on the interest for loans, but I do not know how much of the interest or for how long the tax relief is available.

I wonder if anyone knows about this?

I have approx £20,000 in loans and it would be great if I could claim tax relief on some of the interest.

Thank you.

grey_gym_sock

the loan have to be for business purposes. the obvious way to prove that would be flow of money - i.e. you take out a loan, and use the cash for business expenses, or to buy equipment used by the business, etc. if you've already taken loans out, for other purposes, it's probably too late to turn them into business loans.