Reply to: Anyone considering bouncing back ...

[d000hg]

WifeCo has only been trading since March. But I've seen how to provide projections from Dragons' Den....

Q: How long have you been trading?
A: 7 years
Q: how many have you sold?
A: 104
Q: How many will you sell this year?
A: half a million

[ladymuck]

Can I apply for one? Since CV19 I am getting too much business that I have to turn it down or do a lower quality job, adversely affecting my business' reputation.

That's the key phrase there...

[DimPrawn]

Talking of which, I saw a UK registered monstrosity driving past today - PR11AWN, royal blue Range Rover (true story: https://cartaxcheck.co.uk/free-car-check/?vrm=PR11AWN ). It struck me as exactly the sort of tat you would buy if you could afford to.

Landwind X7 - Wikipedia

[Old Greg]

I like to know which £70K german wonderwagon you contractors are buying next with all the tax money you save.

Talking of which, I saw a UK registered monstrosity driving past today - PR11AWN, royal blue Range Rover (true story: https://cartaxcheck.co.uk/free-car-check/?vrm=PR11AWN ). It struck me as exactly the sort of tat you would buy if you could afford to.

[d000hg]

You got a live one dim. Reel him in...

Sent from my ONEPLUS A6003 using Tapatalk

[DimPrawn]

If you;re not a contractor why are you on here.

I like to know which £70K german wonderwagon you contractors are buying next with all the tax money you save.

[Ploptimus]

Can I apply for one? Since CV19 I am getting too much business that I have to turn it down or do a lower quality job, adversely affecting my business' reputation.

[GhostofTarbera]

If you haven't completed your first year you're allowed to use estimated turnover. No guidance on how to calculate but I'm sure most would just take ytd turnover / ytd days * days in year but that might be disingenuous if you've been in contract for your entire YTD but I'm sure you could justify it to HMRC if required especially with lack of guidance.

They will do a basic check on your account to confirm income - job done


Sent from my iPhone using Contractor UK Forum

[jayn200]

In the serious thread on the topic it suggests you can only borrow up to 25% of turnover which seems to contradict the idea this could be of use to very new companies and self employed people without accounts.

Sent from my ONEPLUS A6003 using Tapatalk

If you haven't completed your first year you're allowed to use estimated turnover. No guidance on how to calculate but I'm sure most would just take ytd turnover / ytd days * days in year but that might be disingenuous if you've been in contract for your entire YTD but I'm sure you could justify it to HMRC if required especially with lack of guidance.

[Shackattack]

Really that bothered about Tax Payers Money

Not content with paying almost no tax already, you IT Contractor types now want interest free loans backed by the tax-payer. You have no shame...

If you;re not a contractor why are you on here. Also it's a loan backed by the government not using government money.

If you're that bothered about tax money let's talk

Transport, subsidies and bailouts Billions
NHS, contractors paid to none tax paying companies Billions
Richard Brnason suing NHS
Right to buy cheap quality property creating untold wealth to property developers Billions
Privatization cost to public Billions
Academies Billions
Brexit Billions
DUP Bribe Billions
HS2 Billions


The Tory Party is a great party it's just that none of you are invited to it.

[d000hg]

In the serious thread on the topic it suggests you can only borrow up to 25% of turnover which seems to contradict the idea this could be of use to very new companies and self employed people without accounts.

Sent from my ONEPLUS A6003 using Tapatalk

[d000hg]

Super easy, free money pay all credit cards off


Sent from my iPhone using Contractor UK Forum

I think he said they'd had it confirmed by lenders that using to loan to restructure existing debt WAS acceptable.
If you've racked up credit card debt due to loss of income, this is especially valid.

Sent from my ONEPLUS A6003 using Tapatalk

[d000hg]

This message is not endorsed by the sky fairies.

You'll note we're in general. Are you saying (in language used by 12 year olds on Facebook) only religious people have morals and ethics?!

Sent from my ONEPLUS A6003 using Tapatalk

[elsergiovolador]

Hard to see how that would be the case. It WOULD be a terrible shame if a significant number of contractors get done for fraud though.

Having a business that provides certain type of services will be essentially illegal in all but name and government will give unfair advantage to companies that support the party via donations who will take over the work.

Businesses should use the loans to build a legal challenge against the government.

[jamesbrown]

50k - one could buy another BTL for that! 100% loan-backed purchase, what could go wrong!

This message is not endorsed by the sky fairies.