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Hi I have a client who is late is completing their tax return. The problem I have is that they borrowed £15.000.00 to buy a business for £20,000.00. The £15000.00 was borrowed on a non interest basis from family and paid to the vendor. The remaining £5000.00 is being paid back to the vendor on an irregular non-interest basis. There is no legal paperwork.
Apart from the £15000.00 paid for the business, for the tax year 2015/2016 she has paid out £1995.00 to her relatives and 1300.00 to the vendor. Can I claim any of this on her tax return bearing in mind there is no interest involved?
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