[Stephen burton]

I applied last night for 10k I’m a sole trader and   work alone, I bank with Lloyd’s and they have just paid it into my account

[Smudger]

ANY biz can apply - Ltd - sole trader - partnership

you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account

Darran

[zesty]

ANY biz can apply - Ltd - sole trader - partnership

you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account

Darran

That’s one way of doing it, transfer the loan money Into the personal account and close the business account straight after.

Assuming there is no fee for doing so!

[Slacky]

Remember a couple of years ago how the debt level in the USA was far too high  and needed to be reduced. Now we hear nothing about it.

Apparently about 3 years Greece was going to bring the European Union down as were Italy, apparently, due to their financial status's. Don't hear that anymore do you. If anything financial is going to bring the EU down surely this Covid will, but you don't hear that even at the moment.

So much scare-mongering. No wonder there was doubt about how serious the threat from Covid was when it first started circulating.


HS2 is still going ahead last I heard.

[NWH]

HS2 🚅 who wants to get off where that stops anyway 🤣🤣

[Shrek]

Actually I was wrong , just heard back from accountant .

‘ You would only be able to claim the interest element of the loan as a business expense. The actual incoming of the loan would not be treated as taxable income, therefore the payments of the capital element of the loan aren’t allowable for tax relief either. ’

I could still invest it though and pay it back in 12 months

[deeege]

ANY biz can apply - Ltd - sole trader - partnership

you are supposed to be able to get it without a biz bank account, however the FIL only uses a personal account and is now setting up a biz account, as soon as its through he will close the biz account

Darran

Thanks. I thought it was limited companies only.

[jk999]

Do you have to prove your earnings

[TomCrowther]

If you take the loan into a business account and invest it in say premium bonds. Surely this would either count as income or a Director's loan depending on your set up.
If you paid the cash back within the same tax year you would not incur the income tax side of it but you would have to pay interest on a directors loan.

[Arnold Palmer]

Do you have to prove your earnings

Depends on your bank I suppose. I didn't, but I applied to my business bank and all my turnover goes through it.

[Smudger]

Seven questions

They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by 


Darran

[spudd]

Seven questions

They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by 

They were the good old day


Darran

[deeege]

Seven questions

They ask for your turnover but no paperwork to bank that figure up - like the old self assessment mortgages of years gone by 


Darran

Them were the days. 110% mortgage, no questions asked 😳

[jk999]

So if i put more down than whats on my tax returns they dont check, sorry for question s but not clued up on stuff like this my wife sorts all books n any paper work out

[Smudger]

That's correct- however to deliberately put down false information could lead to a fraud case (possibly if you fail to pay it back) but if your a bit dyslectic and put down 200k instead of 25k then that can't be helped

Darran

[combat1]

Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.

[Arnold Palmer]

Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.

Crack on and "replace" one then.

[G Griffin]

That's correct- however to deliberately put down false information could lead to a fraud case (possibly if you fail to pay it back) but if your a bit dyslectic and put down 200k instead of 25k then that can't be helped

Darran

Dyscalculia.

[davids3511]

Santander says on agreement that you cannot hire or buy new fixed assets only replace existing ones to the same level. Must be used for business not personal use.

They're never going to know what you do with it unless you fail to pay it back. Even then it would possibly be hard to prove what money went where.

[paulswindows]

Morally, where do you lot who are just taking this loan “because you can” stand on this?

I’m a little bit conflicted with this (although I am/was a conflicted with the self employed grant but that’s another thread).

It makes good sense to take this loan whether you carried on working or not and use it to boost your business or settle a vehicle debt etc... but it does specifically say to only apply for this loan if you have been adversely effected by the virus.
Surely the point of the loan is to use it to stay afloat rather than using the situation to profit..?

Genuine moral question...

If you spend the loan on a new van or equipment (or actually anything at all that is legit) then you will be helping the economy and therefore doing some “good” whether you need the money or not.. Recessions happen when people stop spending. As long as you pay it back then can’t see a problem myself.