Home Forums New here? Share your story Claiming personal loan for business use

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  • #999987
    jasoxogray
    Member
    • Total posts: 1

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

    #1222191
    LucasArthur
    Participant
    • Total posts: 3,158

    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

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