If your accountant needs the total interest and fees your company paid on its Credicorp facility over a financial year, there are two ways to get that figure: the year-end summary document, or by totalling the relevant lines across your monthly statements for the year.
The year-end summary
Your account includes a year-end summary document that consolidates the key figures for a full financial year. This shows the total cost of credit charged during the period — which your accountant can use directly as the borrowing cost to post to your profit and loss account. It is available in your portal once the relevant year has closed. If your company's financial year does not match the calendar year, you may need to combine two summary periods or use the monthly statements to cover the exact dates of your accounting year.
Using monthly statements to total interest
Each monthly statement shows the interest or fee charged for that period as a separate line. To build an annual total, download each statement for the months that fall within your financial year and add up the interest or fee lines. For a Business Loan with fixed repayments, the repayment schedule your accountant holds at the outset already shows the interest element of each payment for the full term.
Which product you have makes a difference
- Business Loan — interest is built into the fixed repayments; the repayment schedule shows the split.
- Flex — interest is charged monthly based on your drawn balance; each statement shows the period charge.
- Slice — the cost is a flat 6% fee per bill, not interest; the fee line on each Slice statement is the total cost of that facility.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What counts as interest paid for your Corporation Tax return?, What records do I need at year end for my Credicorp facility?.