How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Muhammad Haider Your Own Question
Muhammad Haider
Muhammad Haider,
Category: Tax
Satisfied Customers: 985
Experience:  Director at HM Accountax
74131858
Type Your Tax Question Here...
Muhammad Haider is online now

We are a small UK-registered charity (CIO). We are looking

This answer was rated:

Hi! We are a small UK-registered charity (CIO). We are looking to advance a small loan of £7,000 with a 2% interest to one of our co-founders. Will there be any tax implications?
JA: Have you talked to a tax professional about this?
Customer: Not yet
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No, thanks!
Hi,
I am an advisor at JA and happy to assist you.
No, there won’t be any implications. However, you’ll need to disclose this transaction on the face of the financial statements.
Regards
Muhammad
Customer: replied 14 days ago.
Thanks so much Muhammad, much appreciated
Customer: replied 14 days ago.
Is it possible for me to rely on this advice as professional advice? Can I save a record of this conversation and file this our records with a view of relying on it?
you can rely on it
Muhammad Haider and 2 other Tax Specialists are ready to help you
Customer: replied 14 days ago.
Thanks very much! Have a great evening :)