Re: Loan from my Father

On 26 Nov, 19:57, Charles Wright <char...@xxxxxxxxxxxxx> wrote:
Hi,

Just doing my SA return, I was wondering how to classify this for my
accounts: My father paid £600 onto my business account, I assume HMRC
would look at it as if it were a loan, wouldn't they?

The subject line says it is a loan so if the subject line is correct
then HMRC should look on it as a loan. Ensure you can prove that it
did not come from trading in case HMRC investigate.

If so, how do I calculate tax for this? (I spent the money a few days
after I had received it).

Regards,
Chrls

There's no tax effect. You are taxed on profits not receiving loans.
.

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