4 minute read

Bounce back loans

Next Article
St Annes station

St Annes station

TSA ACCOUNTANTS BRISTOL LTD CHARTERED CERTIFIED ACCOUNTANTS AND ADVISORS ACCA

It’s been a couple of weeks since the government announced the Bounce Back Loan Scheme to help during these very difficult times for businesses, so who is eligible and what are the terms etc? You can apply for a loan if your business:

Advertisement

• Is based in the UK • Was established before 1 March 2020 • Has been adversely impacted by the coronavirus

If your business was classed a business in difficulty on 31 December 2019 you’ll need to confirm that you’re complying with additional state aid restrictions If you’ve already received a loan of up to £50,000 under one of the other schemes you can transfer it into the Bounce Back Loan scheme. You have until 4 November 2020 to arrange this with your lender. The key features of the bounce back loan are as follows:

• Loans from 2k minimum to 50k maximum as 25% of turnover • Paid out by your bank, 100% government guaranteed • Simple application form • No security necessary • 2.5% Interest rate • Government pays first year of charges and interest, so no payments due in first year • 6 year term • No early repayment fees

Here are some examples below

• Help for employers - Furlough Scheme • Help for the self employed – Self Employed • Income support scheme (SEISS) • Small business support grant 10k up to 25k for those claiming small business rates relief • Business interruption Loan

And if you aren’t eligible for these, there are other options to limit your outgoings, although these can be used in conjunction with the schemes above.

• Business rates holiday for 12 months. • Rent Holiday – ask your landlord • Insurance claim – if you have business interruption insurance. Check with your insurer • Speak to suppliers to get more favourable terms • Bank overdrafts – some banks offering preferential terms • Universal Credit • Speak to utilities companies, most offering payment plans • Pension drawdown – speak to your

Sole Trader Self Employed Limited Company

Partnership Contractor Business Advice Free Initial Consultation We offer a free initial consultation to assess the level of accountancy services you require. Professional business advice to help set you on the path to growth and success.

Financial Adviser first!

There is a lot of help available during these difficult times, so please visit https://www.gov.uk/coronavirus/business-support for more details If you need an accountant, be it for preparing your accounts or help and advice during this difficult time, then please don’t hesitate to give us a call or drop us an e-mail. We are still open and we can arrange an appointment over Skype or Zoom. We also offer a free initial consultation. If you are not eligible for a bounce back loan, there may be additional help available to you. www.tsabusinessadvisors.co.uk 0117 923 5394 enquiries@tsabusinessadvisors.co.uk Your one stop shop for Accountancy, Tax and Business Advice TSA Accountants Bristol Ltd 124 Gloucester Road Patchway Bristol BS34 5BP Accounting Services

This is included within our services as standard.

THE BOUNCE BACK LOAN SCHEME, WHAT IS IT AND IS IT FOR ME?

TSA ACCOUNTANTS BRISTOL LTD CHARTERED CERTIFIED ACCOUNTANTS AND ADVISORS ACCA www.tsabusinessadvisors.co.uk 0117 923 5394 enquiries@tsabusinessadvisors.co.uk Your one stop shop for Accountancy, Tax and Business Advice

TSA Accountants Bristol Ltd 124 Gloucester Road Patchway Bristol BS34 5BP Accounting Services

Sole Trader Self Employed Limited Company Partnership Contractor

Business Advice Professional business advice to help set you on the path to growth and success. This is included within our services as standard.

Free Initial Consultation We oer a free initial consultation to assess the level of accountancy services you require.

Rolls ‘R’ Us FRESH SANDWICHES ROLLS & BAGUETTES

DAILY - FREE LOCAL DELIVERY (min order £6) All Day Breakfast Now Available! Tel: 01275 547 444

Open Monday to Friday (8am - 4pm) Saturday (9am - 2pm) (COLLECTION ONLY)

7 The Parade Hengrove Bristol BS14 9OP

South Bristol - North Bristol - South Glos - North Somerset

WANT TO GROW YOUR BUSINESS ?

We have over 80,000 readers every month Direct Local Bristol has the solution to help your business get seen more..

Visit www.directlocalbristol.co.uk Email: info@directlocalonline.com Call: 0117 325 8029

10% DISCOUNT WITH THIS ADVERT

websites.co.uk

BUILD NOW PAY LATER...

Need to get online with your business? No problem we can help with packages designed just for you. Contact us for our latest offers today! WE ARE HERE TO HELP THE LOCAL BUSINESSES OF BRISTOL

This article is from: