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Help on giving loan and reclaiming.

edited 30 November -1 at 1:00AM in Loans
34 replies 2.2K views
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  • Joewasherein2019Joewasherein2019 Forumite
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    Well said @seashells

    I know my parents have advisers who reside/ reduce there Tax liability legally through operational ways etc.
  • edited 19 May 2019 at 6:20PM
    SystemSystem
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    edited 19 May 2019 at 6:20PM
    My parents do all the tax affairs as they not based in this country anymore. Don’t ask me no idea.

    You need to get an idea because if you don't and HMRC come round they can do things like decide you were evading tax and send you a bill, at worst decide you were committing criminal fraud and take everything that you own that they have decided you paid for from money from this fraud under proceeds of crime and/or a prison sentence.

    I would most certainly book an hour with a tax accountant, go through the set up of how you get your income and make sure that you're squeaky clean. Might be the best ever £100 you spend.
    We won’t be investing in any more businesses we tried to help someone out but didn’t work out.

    It didn't work out because YOU didn't do things properly, i.e having a proper written and legally enforceable loan agreement and doing due diligence on risk assessment. There's nothing wrong with investing in a business but you need to do it properly. Use this experience as a learning tool, learn the mistakes you made, move on and don't repeat them. There isn't anyone out there who has set up a business or invested who hasn't made mistakes. The difference is whether you learn from them or not.
  • edited 19 May 2019 at 9:26PM
    Joewasherein2019Joewasherein2019 Forumite
    65 posts
    10 Posts First Anniversary
    edited 19 May 2019 at 9:26PM
    we are all legal.

    We will reinvest in future.
  • Blackbeard_of_PerranporthBlackbeard_of_Perranporth Forumite
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    So your loan started at £45,000 and you increased it to £76,000

    Elsewhere around here I talk of shovelling coal in a boiler room. I’m not rich, though not poor. I know not to lend my money. I also know not to increase my risk.
    Cardiac Arrest - Electrical - Patient unconscious! Heart Attack - Plumbing - Patient conscious!
    Defibrillators Cannot Cure a Heart Attack!
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