James Clark

I "loaned" some money from my personal savings account (money that has already been taxed etc) into my sole trader account in order to buy some equipment (plant and machinary) that was on sale at a highly discounted price that I didn't want to miss out on. I'm a bit unsure about the logistics of how I should repay this "loan" to my personal savings and declare things on my self assessment return though? is there a specific section to cover this "loan" on my end of year tax self assesment? It's also worth mentioning that I won't turnover enough to repay the "loan" by the end of this tax year April 5th 2024. Any help appreciated.