Jump to content

Log in or register to remove this advert

Paying off Finance with bounce back loan?


benedmonds
 Share

Recommended Posts

Log in or register to remove this advert

4 minutes ago, Steve Bullman said:

Wonder if I can include my vat in the turnover ?

Basically if you have the neck to do it you are able to declare whatever turnover you wish. New businesses can self-certify (like the old days of mortgages). I am really impressed how intuitive the NW site was, took literally minutes to complete the whole process. It will be a breeze for you.

 

I didn't get greedy and stuck with almost the full 25% on actual accounting figures turnover.This is an opportunity not to be missed Steve! Just like when the  RHI feed in tariff 1st arrived - a golden opportunity.

 

To grow any business fast you need capital and this is the best it gets.

  • Like 1
Link to comment
Share on other sites

Got mine from Santander yesterday into my personal account. Took about 8 days. Had to submit Tax return and proof of business and address to them but overall a painless process.

 

Regards paying off other finance - there is a stipulation against that and pruchasing new equipment. Something about only being allowed to replace existing equipment, like for like. So will have to be creative.

Link to comment
Share on other sites

13 minutes ago, Bloom said:

Got mine from Santander yesterday into my personal account. Took about 8 days. Had to submit Tax return and proof of business and address to them but overall a painless process.

 

Regards paying off other finance - there is a stipulation against that and pruchasing new equipment. Something about only being allowed to replace existing equipment, like for like. So will have to be creative.

Strange, I applied for one yesterday with my business bankers (Co-op) and unless I missed something it just said it must be used for the financial benefit of my company - it more or less said it can be used for anything that will help the company.  So if I get it I will be investing in a super-wide bandsaw mill that I have needed for years.

 

 Not convinced I qualify though as I had to declare that as at the end of last year my business is classed by the EU s as in difficulty as the balance sheet (Ltd co) shows net liabilities.

Link to comment
Share on other sites

1 hour ago, Squaredy said:

Strange, I applied for one yesterday with my business bankers (Co-op) and unless I missed something it just said it must be used for the financial benefit of my company - it more or less said it can be used for anything that will help the company.  So if I get it I will be investing in a super-wide bandsaw mill that I have needed for years.

 

 Not convinced I qualify though as I had to declare that as at the end of last year my business is classed by the EU s as in difficulty as the balance sheet (Ltd co) shows net liabilities.

I hope you have good fortune with your application. 

 

As you know a thing or two about milling, which super-wide bandsaw would you buy? I am sure you have tried a few and been researching these for years  ?

  • Like 1
Link to comment
Share on other sites

Ours came through yesterday. Easiest finance application I've ever done.

 

I do reckon an awful lot of businesses won't be in a position to pay it back, and the government is going to be hit with picking up the bill on all those defaults. Suddenly, the furlough scheme won't seem so expensive!

  • Like 2
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


  •  

  • Featured Adverts

About

Arbtalk.co.uk is a hub for the arboriculture industry in the UK.  
If you're just starting out and you need business, equipment, tech or training support you're in the right place.  If you've done it, made it, got a van load of oily t-shirts and have decided to give something back by sharing your knowledge or wisdom,  then you're welcome too.
If you would like to contribute to making this industry more effective and safe then welcome.
Just like a living tree, it'll always be a work in progress.
Please have a look around, sign up, share and contribute the best you have.

See you inside.

The Arbtalk Team

Follow us

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.