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Simon Windmill
July 10, 2019
Question

Self-employment: How do I categorise a Bank Loan?

  • July 10, 2019
  • 1 reply
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In Self-employment as a sole trader: how do I categorise a bank loan (both the payment into my account and the payments back?) Thanks

1 reply

T
TaliaI
July 10, 2019

Hello Simon,

 

Welcome to the Community - thank you for your question!

 

The payment of the loan into your account can be categorised as either Owner's deposit or Business income - this is something we would advise to check with an accountant to make sure it posts to your self assessment correctly. In regards to the payments back, you would use the Repayments of loans/overdrafts category.

 

Thanks,

 

Talia

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