1. I have been selected for an online business risk awareness workshops assessment. What can I expect?
There are over 50 multiple-choice questions and once a question has been completed, it cannot be amended. The online assessment asks similar questions to those asked in face-to-face meetings.
I am doing my Braw online assessment. Can you give me some guidance to tackle this question: “Has the subordinated loan been paid to the firm or is it just an agreement to loan?”
See guidelines below regarding the three options in this category:
“Loan has been paid to the firm” – If you have cash-injected (loaned) into the business for capital resources requirements, for example, £10,000 when you originally set up your business and this still remains in the business, this option should be selected.
“No, loan has not been paid to the firm, it is just an agreement to lend” – Where your accountant has shown the subordinated loan amount as a long-term liability within your firm’s balance sheet but no physical funds have been cash-injected into the business, for example, you have agreed to subordinate the director loan account, this option should be selected.
“Don’t know” – If you are unsure as to how your subordinated loan has been set up, this option should be selected. I would advise that you do not select this option and establish from your accountant on what basis the subordinated loan agreement has been set up.
Aileen Lynch is head of technical at Compliance First