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Business founders/entrepreneurs

Can I claim repayments from a loan from my Dad?

4 replies

Mummame2222 · 29/03/2024 15:20

My Dad lent me £5k for a Van. I’m paying it back £100 per month. Is this tax deductible?

OP posts:
TwoLeftSocksWithHoles · 29/03/2024 15:39

I doubt it, otherwise we could all say we're doing that and reduce our tax bill.

Perhaps if you had got a business loan from a bank you could.

PickledPurplePickle · 29/03/2024 15:40

No

But you can get tax relief on the purchase of the van, assuming it is used 100% for the business

Mummame2222 · 29/03/2024 15:41

PickledPurplePickle · 29/03/2024 15:40

No

But you can get tax relief on the purchase of the van, assuming it is used 100% for the business

That’s what I mean. You’ve said no and then yes, I’m sorry I don’t understand, which is it?

OP posts:
BorgQueen · 29/03/2024 18:35

I’ve answered on your other thread but yes, you can.
It’s an expense like any other.

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