Claiming personal loan for business use

[jasoxogray]

Hi there I am looking into starting a hire business. Is the loan interest tax deductible for equipment purchased. Cheers

[LucasArthur]

Is your question is are you able to go and get a personal loan and then claim the costs of that loan from the business? How are you setting up the business? Either way, answer is yes although you need to process it properly – seek advice from your own accountant to ensure its all done squarely

[Author]

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