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connor
Apprentice
Joined: 03 Jul 2004
Posts: 9
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 Posted: 02/16/08 - 11:23 Post subject: |
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| I have some techinical questions in regards to a personal loan. I have hit some hard waters financially and have decided to radically reorganise my finances. First of all I want to pay of the credit cards and therefore, I need a personal loan. Is this seen as income for tax purposes or not? |
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eleen
Apprentice
Joined: 11 Jul 2005
Posts: 8
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| Posted: 03/16/08 - 22:11 Post subject: |
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| Don't worry, a loan is borrowed money, and as such it is not income. And therefore you do not pay any tax. I hope that you successfully reorganise your finances in the way you find best and that you will no longer find yourself in trouble. All the best and good luck. |
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