Tax Reporting With Square Loans
How much interest did I pay toward my Square loan?
With a Square Loan, payments are a fixed percentage of your business’s daily card sales and will vary with the amount your business processes daily. The total cost of the loan is the loan fee listed in your loan offer.
The actual loan amounts and payback percentages vary for each loan. Here’s an example:
Amount deposited to your bank account (Square Loans offer): £10,000
Loan fee: £1,200
Total amount owed: £11,200
Percentage of your business’s daily card sales that go towards payment: 11%
Following the example above, Square would collect 11% of your business’s daily card payments until you’ve repaid £11,200 in full.
If you’d like to download a .CSV file of all your Square Loans payments, you can download transfer details to view all of your payments.
View all your loan payments for a given year
From the Loans tab of your Square Dashboard, click the date selector tool to choose the date range you’d like to view.
Download your loan payment history
From the Balance tab of your Square Dashboard, click the date selector tool to choose the date range you’d like to view.
Click Export > Spreadsheet.
A spreadsheet will download to your computer as a CSV file, which you can open with your preferred spreadsheet software.
Square does not provide tax advice and this information is not intended to be tax advice. For more information on how Square Loans affects your tax reporting, please consult with a tax advisor.