Hi all,
I have been self employed (sole trader, no employees) for approx 4 years and each year do an HMRC return online.
The business is run from a business address, not from home.
For my own information I keep all my receipts etc in monthly folders for ease of reference.
I use simple calculations for fuel (i.e. pence per mile without claiming for repairs, parts etc) and use cash basis for everything else just to keep things straightforward.
I have never applied for a business loan but am thinking of doing so using Paypal in the near future.
If I did so, what can I claim expenses on and how would I keep a record of it all?
Paypal Working Capital is different to other loans as there is a fixed fee for the loan known to the borrower upfront, no early repayment fee and no set loan period as the monies are taken from your Paypal balance at an agreed percentage each day (no payment taken on days where no income hits your account).
The percentage taken determines the agreed upfront fee.
For example, if Paypal loaned me £3000 with a fixed fee of £300 which was all administrated and paid back within the same tax year, how would I note all this down?
Or - if Paypal loaned me £3000 with a fixed fee of £300 which was administrated to begin with in one tax year but not fully repaid until part way through the next tax year, how would this scenario differ in terms of amounts noted down and amount(s) claimed?
I would of course keep a record of what stock I had purchased using the funds as I normally would, i.e. receipts for everything purchased.
Thanks in advance,
Matt.
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