I think there's way too much over analysing of this going on. It's a loan to your company - it's not a tax break or some other scheme. As long as your company was not in difficulties in December and you believe your business has been adversely impacted by COVID-19 then you can apply for it.
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£50K Interest Free Loan for 12 Months
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Loan application without first year accounts
Hi all, I'm currently looking into applying for a loan with Santander but as I'm in my first year trading I don't have the full year accounts. Just wondered if anyone knows what evidence Santander (or other banks) will require for processing the loan?
Thanks in advance for any assistance.Comment
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Originally posted by thethem View PostHi all, I'm currently looking into applying for a loan with Santander but as I'm in my first year trading I don't have the full year accounts. Just wondered if anyone knows what evidence Santander (or other banks) will require for processing the loan?
Thanks in advance for any assistance.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View PostAre you with Santander? If so just fill the forms in. Very simple.Comment
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Originally posted by thethem View PostOk will do - yes I do bank with them. I had taken a look and looked straight forward but wasn't sure if they were going to check accounts, projections etc.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Tide are struggling badly to get any loans out the door
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the whole using it to clear credit cards dont make sense
if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So you be paying back loan plus tax.Comment
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Clydesdale seem to have forgotten about my application for this. As have I, in fairness.⭐️ Gold Star ContractorComment
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Originally posted by xenomorph View Postthe whole using it to clear credit cards dont make sense
if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So you be paying back loan plus tax.
Sent from my iPhone using Contractor UK ForumComment
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