Reply To: How do you account for interest incurred on a revolving credit facility that includes private use?

Hey there – this is super challenging, I asked a contact Dave Armstrong from VegaLend – his guidance
“More of a question for the clients accountant but if they are looking to see what interest has been charged on a revolving facility the easiest way is a statement from the bank. If the account has been used for personal use also it will be down to the accountant to figure out what can be included in the tax return and make an adjustment. As the facility moves and up and down its hard to calculate manually as you would need to go through the balance each day but he interest is charged monthly by the bank so a bank statement would show this figure.”
Don’t worry, I am confused too! I suppose this is what accountants are for ..