I’m newly self-employed. My wife is taking out a loan to buy a van/lorry for my business. Can I still claim back the interest on the bank loan even if the loan is not in my name? (I have been refused the loan)
I will be paying it back monthly, it will just be coming out of her bank account and in her name
i am a sole trader
If the loan is in your wife’s name, then its not a loan took out by you. So no. Whether or not your wife could draw up a loan agreement with you for repayments and then you could claim that. Is another matter and a question for your solicitor and accountant. Not a forum such as this as this is about the accounting treatment not a legal one.
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