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Where do I put my start up loan on self assessment

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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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Scalloway Castle
By scalloway
10th Sep 2019 07:45

A loan is not taxable income when you receive it and repayments are not allowed as a deduction from profit.

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By iJakob18
10th Sep 2019 08:00

So I don’t have to include it anywhere on the self assessment?

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Scalloway Castle
By scalloway
10th Sep 2019 08:14

If you prepare a Balance Sheet it is included there but you have no obligation to provide a Balance Sheet on a self assessment.

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By iJakob18
10th Sep 2019 08:30

Okay thank you! However I did wonder if there was a certain box I would have to fill in with the loan amount? Maybe under ‘other income’ or something?

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By SteLacca
10th Sep 2019 08:50

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.

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Hallerud at Easter
By DJKL
10th Sep 2019 10:35

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

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Replying to DJKL:
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By paulhammett
10th Sep 2019 18:54

Ah, good old Frank Wood. Takes me back.

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Replying to paulhammett:
Quack
By Constantly Confused
11th Sep 2019 08:18

paulhammett wrote:

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.

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Replying to Constantly Confused:
Hallerud at Easter
By DJKL
11th Sep 2019 10:44

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.

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Replying to Constantly Confused:
Hallerud at Easter
By DJKL
11th Sep 2019 12:02

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.

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Replying to DJKL:
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By Tax Dragon
11th Sep 2019 12:08

1 hr 18 min... a slow double click even for you! :-)

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