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  • FIRST POST
    • Joewasherein2019
    • By Joewasherein2019 17th May 19, 6:00 PM
    • 23Posts
    • 3Thanks
    Joewasherein2019
    Help on giving loan and reclaiming.
    • #1
    • 17th May 19, 6:00 PM
    Help on giving loan and reclaiming. 17th May 19 at 6:00 PM
    Hi there,

    I am wondering if someone can help me please?

    I provided a business loan to a limited company and they paid me monthly interest. However now they have gone out of business and I want my loan back of £76,000.

    Can I persue owners directly for assets?

    Do I have any chance the loan was all in the company name and
    I received interest payments until they went under.

    Many thanks.
Page 2
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 11:21 AM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    Hi there,

    I just make
    It clear Sea Shells.

    We are not serial investors we only done this so the lad could achieve MOQ to be able to take the jump into selling A product in the major supermarkets. Bit of bad luck he didnít do anything wrong.

    I donít think think we will see the money back however getting anything back would be beneficial.

    To be honest as for the IFA, we donít need managing we took a punt I guess.

    We get ďpassive incomeĒ from my parents property portfolio on domestic flats and commercial leases.
    • Sea Shell
    • By Sea Shell 18th May 19, 11:59 AM
    • 1,918 Posts
    • 3,256 Thanks
    Sea Shell
    So are your parents still the landlords, but they gift you a share of the rental income each month??
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 12:12 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    Hi Sea Shells.

    That’s correct.

    Me and my wife receive 34.9% every month.
    • Sea Shell
    • By Sea Shell 18th May 19, 12:18 PM
    • 1,918 Posts
    • 3,256 Thanks
    Sea Shell
    Who's paying and declaring income tax on the rental income? Are you a 34.9% owner of "the business" so it is your declarable income, or is it solely your parents income of which they gift you some??
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 1:46 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    Hi Sea Shells,

    Why does that matter what income tax and who is paying it? (Not to sound rude)
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 1:47 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    To answer your question.

    I get gifted money monthly to the percent of total income.
    • Sea Shell
    • By Sea Shell 18th May 19, 1:53 PM
    • 1,918 Posts
    • 3,256 Thanks
    Sea Shell
    Just being inquisitive really, sorry.

    Just seems a strange set up you've got going and hoping, for your sake, that everything is being done above board.

    You've already lost a shed load of cash and being a millionaire doesn't exempt you from the pitfalls of not doing everything by the book.

    If you and your parents have all your tax affairs in order then you've nothing to worry about.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • sourcrates
    • By sourcrates 18th May 19, 1:58 PM
    • 17,390 Posts
    • 16,391 Thanks
    sourcrates
    This time next year Rodney.............
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 2:19 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    No offence taken @seashells I was starting to think you worked for HMRC lol.

    My parents do all the tax affairs as they not based in this country anymore. Don’t ask me no idea.

    We won’t be investing in any more businesses we tried to help someone out but didn’t work out.
    • Sea Shell
    • By Sea Shell 18th May 19, 2:31 PM
    • 1,918 Posts
    • 3,256 Thanks
    Sea Shell
    None taken!! No I'm not a secret agent for HMRC, but have read plenty of tails of woe on this site to know that just when people think all's sorted, something they hadn't considered jumps up and bites them.

    There is always so much to think about around money, whether that's property, investments, pensions, tax, legal obligations as a LL, inheritance, probate, etc etc, that it can be a minefield.

    It's always best to be as clued up as you can be. Everyday's a school day!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Kentish Dave
    • By Kentish Dave 18th May 19, 2:36 PM
    • 220 Posts
    • 324 Thanks
    Kentish Dave
    We just wanted to help this young chap out.

    Live and learn.

    We made most of our money from selling land to housing developers from my parents.
    Originally posted by Joewasherein2019
    Yes, sadly inherited money like this doesnít often make it down the generations. If you didnít work for it yourself then itís easier to fritter away.
    • Joewasherein2019
    • By Joewasherein2019 18th May 19, 2:41 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    Well said @seashells

    I know my parents have advisers who reside/ reduce there Tax liability legally through operational ways etc.
  • archived user
    My parents do all the tax affairs as they not based in this country anymore. Don’t ask me no idea.
    Originally posted by Joewasherein2019
    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.
    Last edited by Tarambor; 19-05-2019 at 5:20 PM.
    • Joewasherein2019
    • By Joewasherein2019 19th May 19, 8:15 PM
    • 23 Posts
    • 3 Thanks
    Joewasherein2019
    we are all legal.

    We will reinvest in future.
    Last edited by Joewasherein2019; 19-05-2019 at 8:26 PM.
    • Blackbeard of Perranporth
    • By Blackbeard of Perranporth 19th May 19, 9:20 PM
    • 6,088 Posts
    • 35,289 Thanks
    Blackbeard of Perranporth
    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. Iím 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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