-
-
Recent Posts
-
-
Chancellor Kwasi Kwarteng announces his ‘mini-budget’ with major tax cuts
-
Key points of October 2021 Budget from the Chancellor’s Autumn Budget and Spending Review
-
Self-Employment Income Support Scheme (SEISS) fourth grant – Applications must be made by 1 June
-
New Stamp Duty rates for non-UK residents
-
Highlights of 2021 Spring Budget announced by Chancellor of the Exchequer Rishi Sunak
-
Make a Time to Pay arrangement or pay tax by 1st April to avoid Self Assessment Late Payment Penalties
-
New rules for business travellers, cash declarations and on social security following UK’s exit from Europe.
-
No late filing penalty for Self Assessment 2019-20 tax return filed until 28th February.
-
Are you affected by coronavirus ‘reasonable excuses’ to meet Self Assessment deadline 31 Jan?
-
New lockdown grants to support retail, hospitality and leisure businesses worth up to £9,000 per property
-
CJRS (Furlough scheme) has been extended to end of April 2021
-
NHS & Healthcare workers tax refunds – Claim tax relief for your job expenses now.
-
Self-Employment Income Support Scheme (SEISS) third grant up to £7500: Applications now open
-
Spending Review 2020 – National Living Wage will increase & NHS Doctors and nurses will get a pay rise.
-
-
No Comments
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19).
Eligibility
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of up to £45 million
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the coronavirus
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.
Who cannot apply
Businesses from any sector can apply, except:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
How long the loan is for
The maximum length of the facility depends on the type of finance you apply for and will be:
- up to 3 years for overdrafts and invoice finance facilities
- up to 6 years, for loans and asset finance facilities
Some of the initiatives include:
- 80% guarantee from the Government
- 12 months’ interest free terms
- Low interest rates (Bank of England base rate is currently 0.1%)
- Fast track to approve lenders onto the scheme
- Apply via your current bank in the first instance.
Info needed for your CBILS loan application
- Last 3 years full accounts with detailed P&L
- Last 12 months business bank statements (Lloyds Bank usually need 6 months personal as well)
- Up to date management accounts
- Aged debtor and creditor lists
- Confirmation of any outstanding debt (provider, term, repayment)
- Statement of personal assets, liabilities, income and expenditure from all Directors
- Home addresses of all directors/ shareholders
- Paragraph on how Covid-19 has affected the business and what the funds will be used for
- 12 month cash flow forecasts
James Jose
23. January, 2021.
Very pleased by Maatmann, very friendly, amazing service at great price.
Herve Rolland
19. October, 2020.
Maatmann is a very ethical and supportive accounting firm ideal for small businesses. They have provided me with great accounting and tax advice as well as being very responsive when I had questions. I would recommend them to any small businesses.
Joseph Mathew
14. October, 2020.
I am very pleased by Maatmann Accountants. They offer amazing service at a great price. They are very friendly and will explain small business accounting questions step by step to make sure your business is going in the right direction. I am very happy that I found their office. They saved me not only money, but time. A place to get things accounted. Thank you, again for the excellent service.
Thomas Mathew
13. October, 2020.
Maatmann Accountants are very good they Keep My accounting records of my company prepare Company Tax Return to work out how much CT to pay they sort my self assessment on time , Best part is that you don’t have to go to there office every thing is online, I received prompt service from them, I Recommend them for your Tax related Jobs .
Aloysius Mathew
7. October, 2020.
Maatmann Accountants have been providing exceptional services for all my account work since last few years. They have been managing my personal assessment and maintaining my business accounts. prompt, reliable, quick response to my queries. I recommend them to anyone who wants help with accounting and tax. great experience!
Tags: Business Support, CBILS, Coronavirus Scheme
Categories: Business Support, CBILS, Coronavirus Scheme
Categories: Business Support, CBILS, Coronavirus Scheme
