I was given a £7000 start up loan, do i include that as ‘other income’ on the self assessment. I didn’t pay it back in the same tax year from when I received it either.
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A loan is not taxable income when you receive it and repayments are not allowed as a deduction from profit.
If you prepare a Balance Sheet it is included there but you have no obligation to provide a Balance Sheet on a self assessment.
You've already received your answer. It's a loan, not income. It doesn't go on your self-assessment unless you prepare a balance sheet, and even then, it isn't income.
Go to an accountant, go directly to an accountant, do not pass Go do not collect £200.
An alternative is immerse yourself in a Frank Wood book , for the debits and credits an old secondhand version at £2.97 will suffice.
https://www.amazon.co.uk/Frank-Woods-Business-Accounting-v/dp/0273712128
Ah, good old Frank Wood. Takes me back.
I came across my Frank Wood while clearing the house. My other half (who did the same degree as me and had long ago disposed of their book) couldn't understand why I was so reluctant to throw the book out.
I have since hid it where it will never be found, just knowing it is nearby fills me with peace.
There lies madness.
Somewhere (and these days I cannot be certain where, house or office) there is a box of lesser used textbooks including some quite old ones I picked up in charity shops, like a very dated Carters, an old circa 1900 Munro and a hardback Biggs; I know I am never going to refer to them but there is a strange comfort having them around; accountancy books seem to give off a different form of mustiness compared with other old books.
There lies madness.
Somewhere (and these days I cannot be certain where, house or office) there is a box of lesser used textbooks including some quite old ones I picked up in charity shops, like a very dated Carters, an old circa 1900 Munro and a hardback Biggs; I know I am never going to refer to them but there is a strange comfort having them around; accountancy books seem to give off a different form of mustiness compared with other old books.