This may be of use, was expecting end of the month but follow the link and you can check now your eligibility, if eligible you can submit a claim from the 14th of May - exactly how isn't really clear yet.
I have two units on an indoor market (retail) and thought i'd be eligible for rock all.We're finished now as a business. Ours is seasonal. Myself and girlfriend are a partnership in business too .we haven't had a wage since November except for my half pension ( divorced ). Our business landlord is a very well known organisation who are registered with the council for business rates. We pay rent and a licence to them, but they have now started sending reminders for rent and of course we know what is coming next. We may even loose our premises which is a none fixed portable cafe. Gutted the way we have been treated and it has been an eye opener in terms of having faith in humanity. Seen a lot of good people in these times, but I've lost it with a large section of our community from hoarders to high flying executive shit heads. I won't have the same view of things after this that's for sure.
Just been on and it says we are legible to claim from the 15th May.....but, we cannot use our normal business gateway access. It looks like both me and the Mrs, we're business partners, will have to each ( re) register our own gateway some reason. My accountant is going to sick of talking to me.......
Could be wrong here but shouldn’t you log on using your personal gateway credentials, i.e. the key you use for self assessment rather than for business/VAT returns?Just been on and it says we are legible to claim from the 15th May.....but, we cannot use our normal business gateway access. It looks like both me and the Mrs, we're business partners, will have to each ( re) register our own gateway some reason. My accountant is going to sick of talking to me.......
16 th May for me, sounds like they are staggering applications, I had to register for gov gateway with id, my wife didn’t, just needed her e-mail which was odd, and slightly concerning it will cause an issue when we apply.Just been on and it says we are legible to claim from the 15th May.....but, we cannot use our normal business gateway access. It looks like both me and the Mrs, we're business partners, will have to each ( re) register our own gateway some reason. My accountant is going to sick of talking to me.......
Your probably right ..Could be wrong here but shouldn’t you log on using your personal gateway credentials, i.e. the key you use for self assessment rather than for business/VAT returns?
I know I have two different log-ins.
Turns out i dont have a rates element and neither does the landlord. Bugger.I have two units on an indoor market (retail) and thought i'd be eligible for rock all.
Turns out that i pay rates within my rent. I have been told i can claim a 'grant' from the council of 10k.
Dunno if you have a rates element in your rent because you are a 'non-fixed' building?
There’s some decent advice here mate, which should cover some of your questions. Will move these posts to the self-employed thread so they don’t get lost in this mega thread.Could others perhaps share some advice - I will obviously speak to my accountant when she can be arsed to get back...
These business bounce back loans guaranteed to small business by the government seem too good to be true?
I had previously fallen through the cracks as a sole director of my Ltd firm, in terms of being not being worthwhile to furlough, the majority of my income is derived from dividends.
The bounce back loans are proving VERY popular. No repayments in the first year and the government paying the interest. Thereafter, 2.5% over the next five years.
Firms can lend up to £50k - up to 25 per cent of last year's turnover.
I am cautious by nature and don't really know what my business will look like (primarily around football) in three weeks time, never mind next year.
I qualify for £15k and it would be paid within 48 hours. Could I use the cash in my business to increase my salary instead (I pay PAYE now on the lower portion of my monthly salary) and wouldn't be able to use the cash towards a dividend anyhow?
One idea - Could the firm buy my car from me - it is worth around £15k and I have £8k to settle on the finance?
Subsequently, the car would be paid off in terms of personal liability and I would also be able to bank £7k in cash.
Would there be major tax implications for the business buying the car?
Another thing that worries me would be if the government are acting as guarantor, what if the business could no longer continue to trade in 12 months time?
The bank are covered for the money but am I covered from the government then coming after me - as a Ltd company I am pretty certain they couldn't come after my house or personal assets?
Any insights, ideas or advice would be welcome!
There’s some decent advice here mate, which should cover some of your questions. Will move these posts to the self-employed thread so they don’t get lost in this mega thread.
https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/