Routy56
Well-known member
Well done Rory - love yer business model buddy
JD450A
Feral as Fk 🐾
FYI on that.Well done Rory - love yer business model buddy
Just applied for a bounce back loan.... mostly to consolidate two small loans into one small loan. and also to knock the payments down to around £200 a month..... Uncertain times.....
Was hoping to stick another 10k on it and buy another machine... but our turnover was only 50k last year
So can't play that game.
GazCro
Well-known member
You know the £20 note is changing don't you?FYI on that.
Just applied for a bounce back loan.... mostly to consolidate two small loans into one small loan. and also to knock the payments down to around £200 a month..... Uncertain times.....
Was hoping to stick another 10k on it and buy another machine... but our turnover was only 50k last year
Routy56
Well-known member
.......hold your nerve Rory. It will come good. Only buy machines that are gonna earn their keep - but you do that anywayFYI on that.
Just applied for a bounce back loan.... mostly to consolidate two small loans into one small loan. and also to knock the payments down to around £200 a month..... Uncertain times.....
Was hoping to stick another 10k on it and buy another machine... but our turnover was only 50k last year
My prediction is that there are busy times ahead for 'small operators' who do a bloody good job
V8Druid
do it as well as you can,but learn to do it better
again ?? when ?
V8Druid
do it as well as you can,but learn to do it better
couldn't agree more Dave.......hold your nerve Rory. It will come good. Only buy machines that are gonna earn their keep - but you do that anyway
My prediction is that there are busy times ahead for 'small operators' who do a bloody good job
JD450A
Feral as Fk 🐾
It's already changed
the £50's are the next issue.I was a little shocked to tell the truth... but the maths is right for last year... Several New builds going on at once with zero materials being put through our books.... I work to live not live to work
Year previous I turned over 90k, but made less profit. I'd rather have more profit and less liabilitys
JD450A
Feral as Fk 🐾
Hopefully.. But no one actually knows WTF the next 2 years holds............hold your nerve Rory. It will come good. Only buy machines that are gonna earn their keep - but you do that anyway
My prediction is that there are busy times ahead for 'small operators' who do a bloody good job
Two local firms have apparently just made 300 blokes redundant between them. All groundworkers/machine drivers.
The next 12 months will be good for me, and i've a TB016 lined up to buy next year when it's finished with..... So although it will cost me more long term reducing my loan payments to £200 odd a month gives me plenty of breathing space if it goes dead!
GazCro
Well-known member
New ones out i believe they have to notify when the old ones are going (give 6 months notice) but if it's 6 months from when the new ones came out then 2 or 3 months had already gone by
GazCro
Well-known member
The only worry is that less people to have jobs done coupled with more people available to do them can result in people not waiting. I can't be everywhere at once but luckily a lot of my work comes from local builders who won't use anyone else so I'm hopeful i won't see much change........hold your nerve Rory. It will come good. Only buy machines that are gonna earn their keep - but you do that anyway
My prediction is that there are busy times ahead for 'small operators' who do a bloody good job
V8Druid
do it as well as you can,but learn to do it better
we'm OK for a while ......New ones out i believe they have to notify when the old ones are going (give 6 months notice) but if it's 6 months from when the new ones came out then 2 or 3 months had already gone by
New £20 note enters circulation – here's what you need to know
The new polymer note enters circulation today
Plus .... as the bank note carries the statement "I promise to pay the bearer", they always retain their face value, unlike withdrawn coins ... I have a lot of old coins which're valueless aside from their scrap value ... I discovered recently .. 'bout two weeks after they stopped accepting 'em
doobin
Well-known member
You bloody can. It's like the old self certification mortgages- nobody is checking. I'm not sure but apparently you can apply with a second application (overwrites the first one) for a larger amount before you get the money- but it's too late after that.FYI on that.
Just applied for a bounce back loan.... mostly to consolidate two small loans into one small loan. and also to knock the payments down to around £200 a month..... Uncertain times.....
Was hoping to stick another 10k on it and buy another machine... but our turnover was only 50k last year
Just had 50k land in my account yesterday. This is a business account that's been open a grand total of two weeks and not had a penny through it!
V8Druid
do it as well as you can,but learn to do it better
I'd read somewhere, that you could get the full 50k, regardless Doob
...... @JD450A bang in for the full whack PDQ Boyo ..
K
Komatsu
Well-known member
Think you can Gra, however, when this all settles down and they start going through everyone who they’ve excepted, and basically your turnover isn’t what you’ve said it is, they’ll be a few questions to be asked. Only takes about 3 days for the money to land and there were only really a handful of questions to answer.I'd read somewhere, that you could get the full 50k, regardless Doob
JD450A
Feral as Fk 🐾
I don't want the full wack tbh.... But I see getting monthly costs down to under £500/month as a good way to weather the incoming storm.
craig
Well-known member
I was speaking to the accountant about doing the same, she seemed to think, I wouldn't be able to do that, as its in the small print about using the bounce back loan to clear outstanding borrowings
.
doobin
Well-known member
Different lenders have different things in their own small print. Reality is, the government small print is all that might be enforced, and fact is, it’s not gonna be.I was speaking to the accountant about doing the same, she seemed to think, I wouldn't be able to do that, as its in the small print about using the bounce back loan to clear outstanding borrowings
JD450A
Feral as Fk 🐾
I was speaking to the accountant about doing the same, she seemed to think, I wouldn't be able to do that, as its in the small print about using the bounce back loan to clear outstanding borrowings
It's in the print you cannot have one of your business is unprofitable.....
Ours is profitable, but with the potential economic climate in 12 months restructuring and reducing outgoings is the most sensible solution to the future cash flow issue.
F
fred
Well-known member
I was speaking to the accountant about doing the same, she seemed to think, I wouldn't be able to do that, as its in the small print about using the bounce back loan to clear outstanding borrowings
you dont use the bouceback for that you use the other money you were going to use to pay materials/wages then use the bounceback money to pay the materials/wages.
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