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Tax relief on Business Loan Repayments?

  • 15-12-2011 3:26pm
    #1
    BazD
    Closed Accounts Posts: 4 ✭


    Hi, I am the only involved director in a non-trading ltd company. I have guaranteed a company loan and have been making €500 per month repayments for 3 years, paid from my PAYE Salary.
    Can anyone think of any way to get some kind of tax relief on this. I have now repaid €18k of a €40k loan and as you can imagine its quite painful!
    thanks
    Tagged:


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    BazD wrote: »
    Hi, I am the only involved director in a non-trading ltd company. I have guaranteed a company loan and have been making €500 per month repayments for 3 years, paid from my PAYE Salary.
    Can anyone think of any way to get some kind of tax relief on this. I have now repaid €18k of a €40k loan and as you can imagine its quite painful!
    thanks

    Can you clarify what you mean by non trading.

    You guaranteed a loan, has the bank called in the guarantee? or did you take out the loan in your own name?


  • #3
    BazD
    Closed Accounts Posts: 4 ✭BazD


    Hi Alan,

    The company never actually traded, it was set up and registered etc 3 years ago but never got off the ground. It is still a live ltd company as far CRO and Revenue Commissioners are concerned but no revenue is being generated.

    As regards the loan. It is a loan from AIB to the company, with me as guarantor. The bank are not calling in the guarantee, as I have been making the monthly payments without a problem. I just wonder if maybe there is some tax relief. I work a PAYE job and use my salary to make the repayments, so I wonder if I can get some tax relief on those repayments?

    I hope this makes it more clear?

    Cheers

    Baz


  • #4
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,005 ✭✭✭Citizenpain


    fraid not---but where did the money advanced to the company go?

    really the company owes you for all repayments you have made


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