Your Credicorp statement is a record of activity on your company's facility, and your accountant will often use it when preparing VAT returns and your Corporation Tax computation. It is a supporting record rather than a tax document in its own right.
Where it helps
- Showing the cost of borrowing applied over the period, at the rate set out in your offer, which your accountant may consider in your accounts.
- Reconciling the facility so the figures in your accounts and returns are supported.
- Providing a clear audit trail if HMRC or your auditor asks how a figure was arrived at.
What it is not
A statement is not a VAT invoice and does not itself decide how anything is treated for tax. How the cost of business borrowing is handled in your accounts and returns depends on your company's circumstances and the relevant rules at the time.
Talk to your adviser
We can show you what happened on the facility, but we cannot give tax advice, so your accountant or tax adviser should confirm the treatment. Because Credicorp lends only to UK limited companies and LLPs for business purposes, the facility is a company arrangement throughout, which is why these documents belong in your company's records.
See also: Is my statement an official document I can rely on?, How to read your statement of account, What is the summary panel at the top of my statement?.