Hi, I am currently doing my tax return, and need a little help wit a loan repayment (loan for work vehicle). How do i categorise this in QB self-employed?

Hi there, Ben.

When you’re categorizing a loan repayment for a work vehicle in QuickBooks Self-Employed, it's important to note that loan repayment itself is separated into principal payments (non-deductible) and interest payments (deductible for business purposes).

You can use either Business Vehicle Loan or Business Vehicle Interest account categorization. However, it's best to consult a tax professional or accountant to ensure you maximize your deductions and accurately handle the loan repayment in your overall tax returns.

If you have further concerns in QBSE, please feel free to reply below. We're always here to help.