Mastin Harris Accountants | Tax Hints & Tips – Which Debt Should I Pay Off First?
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Tax Hints & Tips – Which Debt Should I Pay Off First?

From a tax point of view, you should always pay off your private debts first, especially credit cards as these generally have the highest interest rate. You don’t receive a tax deduction for personal debt whilst you can for business or investment debt , thereby making the actual interest that you pay on this less.

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