Loans - are repayments taxable or exempt?

Accounting
1

I’ve got a couple of loans (credit card and directors loan) that I had to get to repair a roof at my rental property. I am paying them off monthly but wondering if these are allowable expenses? What does Quickfile do with them?

Director’s loan especially, as it was my post-tax income put back into the business, so if it’s taxed again as an ‘income’ to me then I’d have been taxed twice on this?

2

Hello @Kathryn_Peden

The Director’s loan account and credit card account would be shown on your balance sheet and not taken into account for your profit and loss.

I would reccomend speaking to your accountant to see what qualifies as allowable expenses as the support team are not registered accountants and would be unable to comment