Personal Loans and closing of a partnership

stevenfisher

My wife and I took out Personal Loans of the same amount to start a small business.

This business has not lasted and we have ceased trading and sold the limited assets.

My question is about the loans. Due to the business going bust, we have agreed a payment plan via a Debt Management Scheme.

As a partnership, we effectively used these loans as our buy in. So, if the partnership has ceased, should the loans be classed as debt?

If so, how do we put this on our tax return?

I don't think we have been claiming interest costs back. We have had a few accountants and no-one mentioned we could. Were they correct not to say anything?

Any help greatly received. Anything that helps us pay back the debt quicker and get out of the DMP.

Thanks.