£50K Interest Free Loan for 12 Months

[ladymuck]

Well..surely its subject to usual ltd/hmrc rules now its in your account..my understanding is that it cant be used for dividends ?

It's yours to do with as you see fit for your company. If you have the retained profits but lack the cash then, yes, you could use it for a dividend.

[BlueSharp]

Odd computer still says no to me for Barclays. I wonder if they see money still coming in and auto refuse an application as my co has not been adversely affected

[jamesbrown]

Odd computer still says no to me for Barclays. I wonder if they see money still coming in and auto refuse an application as my co has not been adversely affected

I doubt it, but has it been adversely affected?

I assume you don't have an odd SIC code or weird set-up.

[jayn200]

Odd computer still says no to me for Barclays. I wonder if they see money still coming in and auto refuse an application as my co has not been adversely affected

I seriously doubt thats the case. Whether or not you're adversely affected is a self-assessment. The banks have no responsibility to verify this so I don't see why they would.

[vwdan]

It's yours to do with as you see fit for your company. If you have the retained profits but lack the cash then, yes, you could use it for a dividend.

I'm bringing mine to the CUK Christmas Meet - double or nothing.

[ladymuck]

I'm bringing mine to the CUK Christmas Meet - double or nothing.

Let's hope Tarbs doesn't get wind of that... you'll definitely end up with nothing

[GhostofTarbera]

Let's hope Tarbs doesn't get wind of that... you'll definitely end up with nothing

Double or nothing you say ???

I’m in



Sent from my iPhone using Contractor UK Forum

[Jog On]

I'm just looking at doing this as I'll be benched from Monday due to my project being shelved because of Covid.

I'm wondering who I should apply to seeing as I have CA (Santander) business account and a Halifax (HBOS) personal account.

I'd have thought Satander was the way to go but their website and chatbot is telling me:

You can apply for a Bounce Back Loan if you only have a Santander personal current account that you use for your business. You’ll need to provide a copy of your full 2018/19 self-assessment tax return, and additional information.

Surely they will want to see annual accounts for the company as it's a business loan to my company?

They're not going to see my turnover from my personal tax return... I might talk to CA and see what they say - unless anyone else has already?

*EDIT* Spoke to CA and there is no link between Santander and CA for this.

[plutocrat]

Long time, lurker here.

I applied to HSBC where I have my business account last Thursday. Didn't have to submit much info just last year's turnover. Money arrived in my business account yesterday. Easiest bit of finance that I've ever applied for.

[uncle_albert]

Long time, lurker here.

I applied to HSBC where I have my business account last Thursday. Didn't have to submit much info just last year's turnover. Money arrived in my business account yesterday. Easiest bit of finance that I've ever applied for.

Same with me. Applied for 40 large ones last night and got the money into my account this morning via Santander. Incredibly easy. £600 for 3 mins work.