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Previously on "Anyone tried for a bounce back loan?"

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  • ladymuck
    replied
    Originally posted by northernladuk View Post
    But they aren't claimable through the company..
    They are - whether there's a tax charge is determined by whether the training is work related or not.

    EIM01220 - Employment Income Manual - HMRC internal manual - GOV.UK

    For the purpose of the exemption in Section 250 ITEPA 2003 (see EIM01210), “work- related training” is defined as any training course or other activity which is designed to impart, instil, improve or reinforce any knowledge, skills, or personal qualities which:

    • are, or are likely to prove, useful to the employee when performing his/her duties or
    • will qualify or better qualify the employee to undertake the employment, or to participate in charitable or voluntary activities arising through the employment.

    The training must relate to the employee’s current employment or to a “related employment” (see EIM01230).

    Leave a comment:


  • vwdan
    replied
    Originally posted by northernladuk View Post
    But they aren't claimable through the company..
    Eh? So long as it's related to your main trade you're fine

    Leave a comment:


  • northernladuk
    replied
    Originally posted by mallisarealperson View Post
    Only reason I would see someone taking the loan was to skill up with certs. Knowing you will find a gig afterwards.
    But they aren't claimable through the company..

    Leave a comment:


  • mallisarealperson
    replied
    Borrowing up to a 1/4 of your turn over seems a bit insane for 1-2 person company.

    Especially as if you take it out as income you will pay personal tax on it, in some form or other.
    Also if warchest is finished maybe time to accept a PAYE job, if possible.

    Government seems to think increasing debt is the answer

    Only reason I would see someone taking the loan was to skill up with certs. Knowing you will find a gig afterwards.

    Leave a comment:


  • elsergiovolador
    replied
    Originally posted by Old Greg View Post
    Why would OH repay a loan to his limited liability company. Have you learned nothing?
    Let's just wait when government retrospectively declares that companies in fact have unlimited liability (except donors').

    Leave a comment:


  • Old Greg
    replied
    Originally posted by AtW View Post
    Are you planning to repay it?
    Why would OH repay a loan to his limited liability company. Have you learned nothing?

    Leave a comment:


  • DimPrawn
    replied
    Originally posted by AtW View Post
    Are you planning to repay it?

    Leave a comment:


  • AtW
    replied
    It’s a loan.

    Leave a comment:


  • jamesbrown
    replied
    Many people have reported doing so successfully in other threads here. I think it’s a formality. If you need the money, go ahead, because the terms are good. I don’t think there’s any policing, as such, but you obviously shouldn’t be using it to sink into bitcoin or BTL etc., rather keeping your company going (which includes staff, shareholders etc.).

    Leave a comment:


  • northernladuk
    replied
    If only we had a massive thread where multiple people people have applied and recieved them already.

    You don't put much effort in to finding answers do you?

    MF is your man for anything to do with bounce.

    Leave a comment:


  • AtW
    replied
    Are you planning to repay it?

    Leave a comment:


  • OwlHoot
    started a topic Anyone tried for a bounce back loan?

    Anyone tried for a bounce back loan?

    My current contract is soon ending, and not being renewed again this time, and for once the market seems pretty morbibund.

    After checking my war chest, well war match box to be more precise, and finding it rattles ominously, I'm wondering about applying for a bounce back loan.

    Anyone else tried this? Do you have to prove you are really bouncing back, and not a dead cat for the time being? Or is being granted it a formality?

    Any ideas, as to what to say or not say when applying?

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