Paul Sharpe
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Van purchased by wife for my business (loan)
Hi, my tax return is generally very straightforward. I use cash basis (not simplified) and I don't earn enough to worry about VAT. This last year my wife used a pension lump sum to purchase a van which is used solely for my cleaning business. She is not a business partner, it was a loan to me. I am paying her back. I'm assuming I can put this on my tax return. My question is where do I enter this repayment on my tax return and do I enter it as one lump sum or can I enter it as an ongoing repayment, which it will be until I've paid it back. Also is it advisable to put a note on my return regarding this and if so where. There is no interest to pay back only the exact amount of the van cost. Thank you for any help.