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Is Credit Card Interest a Tax-Deductible Expense for a Sole Trader?

  • 10-02-2006 03:13PM
    #1
    Hoops
    Closed Accounts Posts: 5 ✭


    ...assuming the credit card is used for business purposes


Comments

  • #2
    Carb
    Registered Users, Registered Users 2 Posts: 838 ✭✭✭Carb


    Yes, assuming the card is used solely for the puropse of the business. Its just another form of credit.

    However, your sanity may be questioned as to why your using a credit card, when much cheaper forms of credit exist.


  • #3
    MrPudding
    Registered Users, Registered Users 2 Posts: 9,779 ✭✭✭MrPudding


    Carb wrote:
    Yes, assuming the card is used solely for the puropse of the business. Its just another form of credit.

    However, your sanity may be questioned as to why your using a credit card, when much cheaper forms of credit exist.
    How come interest charges for car loans are not deductible for a company?

    MrP


  • #4
    Carb
    Registered Users, Registered Users 2 Posts: 838 ✭✭✭Carb


    MrPudding wrote:
    How come interest charges for car loans are not deductible for a company?

    MrP

    News to me. Unless you're talking about a finance lease, where the interest charge is added back, and the actual repayment is deducted in the CT comp.


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