TaxSimba — Business Loans on Self Assessment: Interest, Borrowing and Repayments
Preparation worksheet

Optional offline planning aid, not a tax return or filing confirmation.
Keep completed notes securely; never include passwords or one-time codes.

WORK THROUGH THIS EXAMPLE
A £300 repayment comprises £250 principal and £50 interest. Keep the agreement and identify the components before reviewing the business-interest treatment. Keep the purchase invoice separately so the asset is not claimed again through repayments of its borrowing.

DECISION TO RESOLVE
Which entries represent the asset, repayment of debt and possible finance expense?

YOUR POSITION
Relevant year and source: ____________________
Evidence supporting your answer: ____________________
Missing item and who will obtain it: ____________________
Deadline or next review date: ____________________

1. Collect loan and finance agreements.
Notes: ______________________________

2. Trace the use of borrowed funds.
Notes: ______________________________

3. Obtain capital-and-interest schedules.
Notes: ______________________________

4. Link financed purchases to asset records.
Notes: ______________________________

5. Identify private use, write-offs or business closure.
Notes: ______________________________

Actions agreed and responsible person:
____________________________________

Guide: https://taxsimba.co.uk/blogs/self-employed-business-loan-interest-repayments
Check the current guide and official sources before relying on a deadline or process.