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
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!
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.
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 :)