Lenders that had previously offered bounce back loans (BBL) are now able to offer borrowers a top up if they originally took out less than the maximum amount. 

There are a number of financing options available to businesses who have been negatively impacted by the coronavirus pandemic. 

The Chancellor has made a series of announcements about ongoing support for businesses suffering because of the coronavirus, intended to help them through the winter.

From 9am this morning, small business owners can apply for the Bounce Back Loan Scheme, by filling out a simple online form, with only seven questions.

From 9am this morning, small business owners can apply for the Bounce Back Loan Scheme, by filling out a simple online form, with only seven questions.

The following press release was published by HMRC last month. Extracts are reproduced below:

A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers.

And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught. 
 

Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.

Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.