Business Loans, Private Loans and TAX – How To Do It

If you have taken a private loan to start a business, then there are some rules for how to do it. We explain this to you in this article.

If one wants to start a business, but the bank says no, then one might just think about it being correct. Some, however, find that banks, regardless of private economy, say no to business and idea situations, it may be a good thing to take out loans to live the dream.


Business loans or private loans?

Business loans or private loans?

In many places on the web you can see opportunities for business loans. If you think that by taking a business loan, better private then think again. You are personally liable for the kind of loan regardless of whether you have a personal business or company. It is there safety and therefore they come by house and car.

What’s so best? You have to judge it yourself, but the case is that if you borrow privately and shoot into your company then they can be withdrawn without paying tax. However, you cannot deduct the expenses from the accounts.

If you shoot DKK 50,000 to start with then when you have converted for 50,000 you can withdraw them and repay the loan. Provided you have profits of course.

It is completely the same as taking your savings and shooting in.

That is, if you have to pay 2500 each month and you turn over for 20,000 with a profit of 15,000 then you can withdraw 2500 kr from the accounts (remember to post it correctly) without having to pay tax on them.

The last 12,500 will then have to pay tax.


Consumer loans and deposits in business

Consumer loans and deposits in business


For example, you can Choose to borrow money through Basis Bank, one of Denmark’s largest banks online. Here you can borrow up to DKK 500,000 and this is often much more than you can borrow from the bank.

You will find consumption loans and Base Bank on this overview . Here, the interest rate is from 4.95 to 19.95% The interest rate is set according to the amount and repayment as well as the bank’s risk. That is, on the basis of the credit rating, you get an interest rate.

This is the cheapest way to borrow money. Whether you shoot the full amount into the company is subordinate. You can withdraw the corresponding amount you deposit without paying tax. After that, tax must be paid on all withdrawals. The easiest thing is to use a payroll system. It can handle the son line for DKK 19 per. pay check.

That way, your personal tax is in control. Remember to use an accounting program like Dinero or Billy for your business. You do not want to make mistakes and thus get a bill from the tax father.

You can read more about ÅOP, interest and much more on the home-bank’s blog and get a bigger overview of your finances.

What characterizes the banks today goes against Danmarks Nationalbank’s latest announcement. Namely, it has never been cheaper to record business loans.


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