TSA ACCOUNTANTS BRISTOL LTD CHARTERED CERTIFIED ACCOUNTANTS AND ADVISORS
ACCA
enquiries@tsabusinessadvisors.co.uk www.tsabusinessadvisors.co.uk 0117 923 5394 BACK THE BOUNCE LOAN SCHEME, WHAT IS IT AND IS IT FOR ME?
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It’s been a couple weeks sinceshop the government Here are Tax someand examples below Advice Yourofone stop for Accountancy, Business announced the Bounce Back Loan Scheme to help during these very difficult times for businesses, so • Help for employers - Furlough Scheme who is eligible and what are the terms etc? • Help for the self employed – Self Employed You can apply for a loan if your business: • Income support scheme (SEISS) • Small business support grant 10k up to • Is based in the UK 25k for those claiming small business • Was established before 1 March 2020 rates relief • Has been adversely impacted by the • Business interruption Loan coronavirus And if you aren’t eligible for these, there are other If your business was classed a business in diffioptions to limit your outgoings, although these can Business Advice with the schemes above. culty on 31 December 2019 you’ll need to confirm be used in conjunction Professional business that you’re complying with additional state aid Accounting Services Free Initial Consultation advice to help setholiday for 12 months. restrictions • Business rates Sole Trader We a free initial TSA Accountants Bristol Ltd • Rent landlord you onHoliday the path–toask your offer SelftoEmployed consultation to assess 124 Gloucester Road a loan of up If you’ve already received £50,000 • growth Insurance claim – if you have business and success. under one of the other schemes you can transfer it interruption insurance. Check with Limited Company the level of your Patchway This is included into the Bounce Back Loan scheme. You have until insurer Partnership accountancy services Bristol ourtoservices as to get more favourable 4 November 2020 to arrange this with your lender. • within Speak suppliers Contractor you require. BS34 5BP standard. terms The key features of the bounce back loan are as • Bank overdrafts – some banks offering follows: preferential terms • Universal Credit • Loans from 2k minimum to 50k maximum • Speak to utilities companies, most offering as 25% of turnover payment plans • Paid out by your bank, 100% government • Pension drawdown – speak to your guaranteed Financial Adviser first! • Simple application form • No security necessary There is a lot of help available during these difficult • 2.5% Interest rate times, so please visit https://www.gov.uk/corona• Government pays first year of charges and virus/business-support for more details interest, so no payments due in first year • 6 year term If you need an accountant, be it for preparing your • No early repayment fees accounts or help and advice during this difficult time, then please don’t hesitate to give us a call or If you are not eligible for a bounce back loan, there drop us an e-mail. We are still open and we can may be additional help available to you. arrange an appointment over Skype or Zoom. We also offer a free initial consultation.
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