Hi.
Not really sure if this is the correct section of the forum to post this,if not please move.Also maybe the title is not the best.
I went into business about 5 years ago with my 2 friends and I invested quite a lot of the money (approx 20k), while they invested a smaller ammount of money,their time and experience. But as a result of not so great location in a town that started to fall, with may businesses closing around us, our businness also failed.
Now my friends have this year gone back to their home country within the EU and are lucky enough to have inherited a thriving family business. They now want to pay me back my money in monthly or weekly installments.
What is the best way for us to approach this. As it is just a transfer of monies that I put into the business, am I liable for tax on the money they return to me and are there any other things to look out for. We were simply thinking of setting up a transfer to my bank account.
Not really sure if this is the correct section of the forum to post this,if not please move.Also maybe the title is not the best.
I went into business about 5 years ago with my 2 friends and I invested quite a lot of the money (approx 20k), while they invested a smaller ammount of money,their time and experience. But as a result of not so great location in a town that started to fall, with may businesses closing around us, our businness also failed.
Now my friends have this year gone back to their home country within the EU and are lucky enough to have inherited a thriving family business. They now want to pay me back my money in monthly or weekly installments.
What is the best way for us to approach this. As it is just a transfer of monies that I put into the business, am I liable for tax on the money they return to me and are there any other things to look out for. We were simply thinking of setting up a transfer to my bank account.