Getting a New Loan in Your Company?
A tax area Inland Revenue are focusing on relates to interest claims on company loans. If you are taking out a new loan or hire purchase – where possible get the agreement in the company name. If this isn’t possible and can only be done in your personal name, let us know as soon as you have the paperwork and we will prepare some minutes and resolutions (for a small cost) to declare that you were acting as an agent on behalf of the company. This then satisfies IRD requirements that the interest is fully deductible in the company accounts and tax returns.