Update on Q&A
Bounce Bank Loans and Charities
The condition for having more than 50% of the Business income from its trading activity does not apply to charities including Mosques.
Rental income is generally classed as non trading income, being investment income. For Bounce back loan purposes this may not be classed as trading activity.
Nasir Rafiq BA FCA (Founder and Director @Dua Governance Chartered Accountant)
He is a widely experienced Chartered Accountant with over 20 years of professional experience. He specialises in helping organisations improve their financial governance and performance. He works with all size charities and businesses.
He graduated in Business Economics from University of Leicester and then qualified as a Chartered Accountant (ICAEW) with KPMG (UK). Having worked with PwC (UK) and KPMG (UK) for over seven years in the public sector, he later joined the world’s largest contract catering company, Compass Group PLC (FTSE 100). In his role as a Group Internal Auditor, he worked in the Middle East, South East Asia and Europe.
Nasir also worked as a Director and an Associate Partner at a Top 20 Accountancy firm in UK, leading the firms Business Governance Advisory service nationally covering the charity and business sectors.