This week our main focus is a powerful but widely overlooked tax relief: if you personally borrow money (for example by remortgaging or taking a personal loan) and lend it to your limited company, you can usually claim the interest on your Self Assessment as a tax-deductible expense. That can reduce your personal tax bill, may be worth significant sums and can be claimed up to four years in the past with supporting evidence.
We explain how to document the money flow, when the relief applies (and when it may not), what to watch out for (company interest paid back to you, closed investment companies, and the need for a clear paper trail), and point listeners to HMRC guidance (HS340 and SAIM10030) and the practical steps to refile or write to HMRC to correct earlier returns.
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ABOUT THE HOST:
Claire Hancott through Profit Cash Growth helps 6 & 7 figure business owners to increase their profit, improve their cashflow and grow their business using their numbers.
As a finance director & chartered management accountant, Claire has nearly 20 years’ experience in finance and running businesses of her own. This gives her a unique insight into the information and support business owners need to grow a financially successful business.
Claire passionately believes that every business should be run by the numbers because the numbers in your business are telling you a story about what is and isn’t working and where your opportunities lie. Claire’s mission is to provide insightful management accounts, reports and advice to business owners and support them to make smarter decisions.
*The content of this podcast is for entertainment purposes only and does not constitute professional advice.
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