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Bounce back loan scheme questions

thecardetailer
Posts: 1 Newbie
I'm looking to apply for a loan under the bounce back loan scheme but have a few questions. i hope someone can help.
I bank with barclays (business is ran through a personal account however have an appointment tomorrow to set up business account).
Currently trading as a sole trader in car detailing.
I set up in the tax year 2018/19 on a part time basis and turnover/sales was around 20k,
2019/20 turnover/sales is approx 45k for car detailing, and 15k for a second business i began in Jan 20.
Total turnover/sales forecast for 2020/21 is around 60k for car detailing and 50k for the new business i begain in Jan.
1) What docs will be required to show turnover? Heard of starling asking for sa302, what will barclays require?
i've presently only completed tax return for 2018/19. Should i complete tax returns for year 2019/20 to use as the turnover figure.
2) Can i apply for the loan on projected turnover/sales for 2020/21.
I would like to apply with either turnover from 2019/20 or forecasts for this tax year. But any amount of help would be better than nothing.
I also have a hsbc business bank account from years ago, should i use this to process the application?
What docs would hsbc require to show turnover.
Thanks
.
I bank with barclays (business is ran through a personal account however have an appointment tomorrow to set up business account).
Currently trading as a sole trader in car detailing.
I set up in the tax year 2018/19 on a part time basis and turnover/sales was around 20k,
2019/20 turnover/sales is approx 45k for car detailing, and 15k for a second business i began in Jan 20.
Total turnover/sales forecast for 2020/21 is around 60k for car detailing and 50k for the new business i begain in Jan.
1) What docs will be required to show turnover? Heard of starling asking for sa302, what will barclays require?
i've presently only completed tax return for 2018/19. Should i complete tax returns for year 2019/20 to use as the turnover figure.
2) Can i apply for the loan on projected turnover/sales for 2020/21.
I would like to apply with either turnover from 2019/20 or forecasts for this tax year. But any amount of help would be better than nothing.
I also have a hsbc business bank account from years ago, should i use this to process the application?
What docs would hsbc require to show turnover.
Thanks
.
0
Comments
-
As an established business, turnover uses 2019 figures.
The projected turnover is only for new startup with no 2019 turnover figure to refer to.
It looks like you are a sole trader. If so, you will only be able to apply for one BBL covering both businesses.
From what you have presented, it looks like the turnover figure will be 45 + 15 = 60k so maximum loan 15k. I understand that Barclays will look at money flow through your existing account as one of the verification processes.
Strictly, though, I understand the BBLS references calendar year 2019 turnover, not tax year.0
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