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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5456
Experience:  FCCA FCMA CGMA ACIS
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About 20 years ago I invested approximately £20,000 in a

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About 20 years ago I invested approximately £20,000 in a business venture run by a friend. It now looks like he may be able to pay me back.
I am not working and receive ESA and other disability benefits, so I do not pay tax at the moment.
When I declare this payment what will happen?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Was this investment actually a loan to your friend to get his business venture off the ground?

Customer: replied 2 months ago.

Then the repayment of the loan will have absolutely no tax consequences unless interest is paid. Be careful though, savings of over 6K may have an effect on ESA.

I would love to talk to you on the phone, but I am responding to your query from a time zone 6 hours ahead of BST making telephonic communication both impractical and expensive.

I do hope that you have found my reply of assistance.

Customer: replied 2 months ago.
Please can you let me know the financial implicatin of declaring this money

You do not need to declare the repayment of the loan, but if your savings go over 6K as a result it may affect some of your benefits.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 2 months ago.
Please let me know the the financial implications of declaring this money

Thank you for your support.

Customer: replied 2 months ago.
I would like to cancel my subscription please. No phone call is necessary. Thank you

As far as I am aware the phone call charge does not kick in until I notify that the call has been successful, which in this case I did not as it proved unnecessary. There is a time limit on this also so it will soon die a natural death anyway!

Customer: replied 2 months ago.
Please cancel phone call

According to my screen, the phone call offer has expired.

Customer: replied 2 months ago.
Please call me asap on 07905 278588. Thank you

Remember I am 6 hours ahead of BST.