Interest on a business loan is generally an allowable finance cost for Corporation Tax, so getting the figure right matters. You can produce the exact total interest charged across your financial year without adding it up by hand.
How to get the figure
- Go to Statements and open the year-end summary, or export the period covering your financial year.
- Read the total interest paid line for that period.
- Give that figure, with the supporting statements, to whoever prepares your accounts.
Getting the period right
Match the export to your company’s financial year, which may not be the calendar year. Because interest is simple and fixed up front, the total on the summary reconciles against the schedule in your Key Information Sheet. We provide the figures and documents; your accountant decides how they’re treated for tax — this is record-keeping help, not tax advice.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: Getting a record of total interest paid over the year, What counts as interest paid for your tax return, Using your statement for VAT and Corporation Tax.