As repayments start kicking in…find out how to extend the term of your BBL to ease your cashflow.
Clients who took out government-backed Bounceback Loans (BBLs) to get through Covid-19 do have some flexibility to repay their loans.
The Pay as You Grow repayment scheme includes the option to delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months after they originally took them out. The option to pause repayments is available to all from their first repayment, rather than after six repayments have been made.
Pay as You Grow enables borrowers to extend the length of their loans from six to ten years (reducing monthly repayments by almost half) and make interest-only payments for six months, in order to tailor their repayment schedule to suit their individual circumstances.
These Pay as You Growoptions are available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounceback Loan Scheme.
You can find out more about extending the term of your BBL – or delaying the repayments here on the official Government website.
Many of our clients (just like the rest of the world!) are keen on having online meetings via Zoom or Teams during this period. We are no exception – and we’re very happy to meet ‘virtually’ as well as at our safe and secure office environment in Hale.
Since we launched our practice we’ve always had a philosophy of embracing technology and for us it’s been a seamless transition to hybrid and remote working/meeting.
For those people who prefer to meet face-to-face, you can be assured that our office is a reassuring environment. As well as PPE equipment (hand sanitiser, face-masks, screens, signing in) we maintain social distancing measures so our staff and clients can be as comfortable as possible during this time.
If you want to review your end-of-year accounts or any part of your business tax strategy via Zoom or Teams– don’t hesitate to ask – we’ll be happy to do so!
We’re extending our campaign with the award-winning Altrincham Today magazine and website. We’re pleased to extend this relationship during 2021 as the world emerges from lockdowns.
Altrincham Today is the best-read media title in Altrincham, with over 200,000 unique online users a month and a highly engaged social media community of around 50,000.
It has twice been recognised by the O2 Media Awards – and was named Startup of the Year at the Sale & Altrincham Chamber of Commerce Business Awards.
In September 2020, the magazine was relaunched. The lockdown gave the team (ably led by David and Kath) the chance to rethink every aspect of it and reimagine what kind of print title it wanted to be post-Covid.
The result is a fantastic new design on a larger format. Readers welcome the new look and the magazine remains an absolutely indispensable companion for anyone with an interest in and a passion for Altrincham.
Here’s a sneak preview of our Summer campaign in the new magazine:
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We’re proud to have completed the Altrincham 10k run and joined thousands of fellow runners on the closed roads of Altrincham on 5th September 2021.
Starting and finishing in the centre of Altrincham it was a popular event and raised thousands of pounds for charity from everybody taking part.
The Altrincham 10k was open to runners of all abilities and each mile was accurately marked out with distance flags and there were plenty of supporters along the course to encourage runners all the way to the finish line.
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As members of MGI Worldwide, we are always happy to push the virtues of doing business in the UK – and within our own region of Greater Manchester in particular.
MGI Worldwide, is a top 20 international accounting network of independent audit, tax and accounting firms, which brings together the expertise of some 10,000 professionals in over 100 locations around the world. Our membership enables us to keep abreast of important new developments, while providing a seamless international service to any of our clients looking for support abroad.
Through MGI Worldwide, our firm benefits from connections with people we get to know and trust in all corners of the globe.
That’s why we’re getting ready (with the support of MIDAS, Manchester’s inward investment agency, which has provided us with lots of incredible data, statistics and insights about the business opportunities in Greater Manchester) to deliver a presentation to member firms from across the globe. Watch this space for further details when a date is secured.
Speak to us if you are thinking of relocating your business to Manchester.
International links at Alexander Knight & Co
We can help you to make your international business a success. MGI Worldwide is a quality controlled network and, like all member firms, we are subject to review of our quality assurance systems and procedures against international standards. We’ll be very pleased to support you with trading in the UK – or trading in other countries around the world.
If you are an international business looking to relocate to the UK – or launch a UK subsidiary – email Murray Patt now.
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The Covid-19 Recovery Loan Scheme can be an option for entrepreneurs who require a little more support as we emerge from restrictions.
More than a year after the first lockdown, company directors can be forgiven for thinking that they may have exhausted every last available measure of Government support available. However, the lesser known recovery loan scheme may be another option to explore.
What is the Recovery Loan Scheme?
Launched on 6th April 2021, the Recovery Loan Scheme replaces the original coronavirus loans, which provided invaluable emergency funding from the start of the pandemic.
The government provides an 80% guarantee for all loans, with no personal guarantees needed for borrowing up to £250,000. Interest rates are capped at 14.99%, with loan terms ranging from three to six years, depending on the type of funding used.
Who is eligible?
The loan is designed to be accessible for businesses across all industries. It is open to all companies trading in the UK, except for public sector bodies, state-funded primary and secondary schools, banks, building societies, insurers and reinsurers.
As usual with the support available from the Government, you must confirm that your business has been adversely affected by Covid-19.
Can you still get a recovery loan if you’ve already had a CBIL or Bounce Back Loan?
Yes! You are still eligible for the Recovery Loan Scheme if your business requires additional funding. However, this time there will be no interest-free period like there was with the other coronavirus schemes.
Of course, a major appeal of a Recovery Loan is that a personal guarantee is not required for loans taken up to £250,000.
How to apply.
You can find a lender accredited to offer Recovery Loans from the list on the British Business Bank website and apply to them directly.
You can find more detailed information about the scheme on the Government’s own website here.
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We are thrilled to announce that Danielle Cresswell and Alastair Tough have joined the Alexander Knight & Co team.
Bringing a wealth of experience from her time working at accountancy practices across the region, Danielle will provide hands-on support in the role of Manager. In her spare time, you will find Danielle either walking her beloved Shih Tzu, Ty, or cheering on top tier rugby league club, St Helens.
Alastair recently graduated from the University of Warwick and has chosen to take the first steps of his accountancy career with us. Joining as an Assistant Accountant, Alastair recently relocated from Nottingham to be part of the Alexander Knight & Co team and we are so pleased to have him.
Murray Patt, founder of Alexander Knight & Co, said:
“We are delighted to welcome Danielle and Alastair to our team. It’s fantastic to have them on board as we enter the exciting next stage of growth as a business.”
Welcome to the Alexander Knight & Co team, Danielle and Alastair!
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