Credit card interest

[rocketmanbkk]

Hi Friends

So, I buy all my materials in a credit card.

I usually pay it off every month with what I get paid.

If I don't pay it off for some reason, can the interest charge be put as an expense? Or it is my tough cheese?

Happy Sunday

Rct

 

[rpm]

Tough cheese

 

[rocketmanbkk]

As I thought !!!!!!!!

 

[rpm]

Sorry to be the one.

 

[Masood]

Tough cheese

Really? I was told that interest on business loans could be offset against tax. That could be wrong information but just what I was told..

 

[rpm]

I didn`t read it as a proper business loan just a credit card.

 

[Ray Stafford]

I don't see why you shouldn't, so long as you only claim the interest on the materials relating to the business, and keep proper records.

If you had a business overdraft, the interest and charges on that would be a legitimate expense.

However, it might be wise to check with an accountant rather than us lot.

 

[rocketmanbkk]

Thx. I agree with Ray. I just found this

Advertising, marketing and promotional costs can be classed as expenses, as can fees you pay to an accountant, solicitor, surveyor, architect, stock taker, etc. You can also claim back interest and alternative finance payments on bank and other loans (including overdrafts) and alternative finance arrangements, as well as bank/credit card charges and

 

[rpm]

Then I stand corrected

 

[village idiot]

Any business expense is tax deductible.
You incured the interest on the card as a result of you doing business, not because you did home shopping or went abroad on holiday.