Beware – Scams!

An Update From Advanced Accountancy

Sadly, fraudsters are taking advantage of the current situation and we’re seeing more attempted scams. Here are some tips on spotting common ones and how to stay safe, along with what we’re doing to help.

Stay safe from these common scams

Double check the identity of who you’re paying


Fraudsters may contact you pretending to be your bank, HMRC, the police or a utilities company, asking you to transfer money or give them information. If you get an unexpected message or call like this, hang up. Google the organisation’s official number and call them directly. 

Fraudsters will tell you there’s a problem with your account or threaten legal action if you don’t pay fast. They are professionals and can sound very convincing. Fraudsters can also fake phone numbers and make their emails look legitimate, so always contact companies directly to check.

Don’t rush into a payment


An organisation you trust will never pressure you into making a payment or taking out a loan, especially over the phone. If someone’s doing that, they’re almost certainly a fraudster.

If you’re not sure, speak to a friend or family member, or chat to us. Fraudsters will try to rush you by threatening ‘legal action’, or telling you that your account is ‘at risk’.

If it seems too good to be true, it probably is!


If you’re being offered something very cheaply over social media, it’s probably a scam. Buy from a trusted merchant where you can check verified reviews, and where you can pay by card.

Similarly, legitimate investments don’t happen over social media, and will never guarantee profits. Check if a company’s registered with the FCA before investing.

We’re also seeing more coronavirus scams, like fake texts from HMRC offering money as a ‘goodwill payment’, or from the government offering ‘tax relief’. These are scams, so always check official sites before clicking on any links!

Share this with your friends and family so they can stay safe.

If you have any doubts about any communication you have received please get in touch with us on 01384 271858 or email us at Enquiries@Advancedaccountancy.co.uk




A Coronavirus lifeline: Crisis Funding for a Festival Crewing Company

A Coronavirus lifeline: Crisis Funding for a Festival Crewing Company

Clients often ask for help in finding the most appropriate funding solutions for their business and that usually means finding a lender who is prepared to provide the funding they need. But there are many lenders, from high street banks to new ‘alternative’ lenders. Finding the right finance provider for a particular need is vital to keep costs down.

However, many of you may already know that we are now partnering with Rangewell to help with this. They can search the entire lending market to help find the solutions to any funding need you may have. 

And that means, when any business has a funding need, they work to provide a fast and effective answer – and, as they are independent, they always aim to get the most competitive funding from the most appropriate lender quickly and transparently.

Supporting a Business Through Lockdown

Virtually every type of business has been affected by the coronavirus crisis, including many of the SMEs we support. However, we wanted to share one example of how Rangewell was able to help a business – a festival and event crewing company – which was severely impacted by the lockdown.

The business takes care of crewing and set-up for festivals and events all over the country. Summer is normally their busiest time – but with lockdown, all the events they were booked in for were cancelled.

The owners saw the problem coming as soon as the rules on lockdown were announced and immediately set to work to reduce their costs.

“Cashflow is vital whatever business you are in. We suddenly had no income and no cashflow at all. We use a lot of subcontractors and casual workers, so we didn’t have a huge wage bill – but we still had to furlough some of our core staff. But what we were really worried about was the future. The cashflow was turned off like a tap, but it will take months to turn back on, even after lockdown is lifted.”

The business saw that the problems might not suddenly be solved when the all-clear is given and businesses can go back to work.

“We’ve missed the key spring months, and summer is going to be no better. We could have some work coming our way in early autumn if things start to improve, and we can look forward to open-air concerts and festivals again. But there are no guarantees.”

Even with costs cut to the bone, the business still faced overheads. It was vital to arrange funding in order to keep the business afloat until the crisis was over. 

“We worked out that we needed at least £75,000.”

Looking for a CBILS loan

The owner’s first thought was to approach his bank for a loan and felt that, with the government’s CBILS programme in place, he would have little problem securing the cash he needed to pay the fixed costs over the next few months.

The Coronavirus Business Interruption Loan Scheme (CBILS) lets small businesses borrow sums of up to £5m, interest-free for 12 months, with the government promising to underwrite 80% of the loan. This is designed to help lenders lend – but they will only do so according to their pre-shutdown criteria. 

“I approached a major bank, but they told me that they were only working with their existing clients and could not consider my application because I didn’t bank with them.”

He could demonstrate three years of profits and had cash reserves. However, the bank had already decided on its lending criteria and, when he applied for a government-backed CBILS loan for cashflow support, he was rejected because of their policies. 

How Rangewell Helped

When the client called the Rangewell team, he had already approached his own bank and been turned down – but this did not have to be the end of the journey.

Because the Rangewell team know all the lenders that are lending under CBILS, including those who can consider applications from businesses who are not clients, they can step in to streamline applications and help get decisions faster.

The funding experts at Rangewell looked at the client’s needs and approached the lenders who work with the construction sector, and who were most likely to agree to a loan under CBILS.

Their team helped prepare the paperwork and arrange a priority application – which was successful. 

The client was able to secure a loan of £70,000 under the CBIL Scheme – allowing them to make full use of the 12-month repayment-free period and giving his business the help it needed to start getting back on its feet. 

If you would like support in finding and applying for the funding your business needs, now or for the future, simply call us for further information about getting Rangewell working for you. You can call our express line on 01384 271 858 or get in touch via our get in touch page.

We’ve partnered with the UK’s leading business funding experts

We’ve partnered with the UK’s leading business funding experts

The Coronavirus crisis is, unfortunately, hitting the majority of SMEs hard. But as we’ve previously covered, the government announced a £330bn rescue package for British businesses.

However some firms are finding that they still can’t access the funding they need. They may find their bank unhelpful, they may slip through the cracks or they may simply not be able to deal with all the paperwork required.  

They may even need funds fast – at a time when their bank is going slow.

That’s why Marina and Rohan are pleased to announce that we have partnered with Rangewell, the UK’s leading business finance experts. 

Who Rangewell are – and how they can help

Rangewell are specialists in business finance and are unique in having comprehensively and independently mapped over 300 business finance lenders and 23,000 business finance products in the UK. 

Now, we have partnered with them to help our clients. They can work with us to secure the funding you need to get your business through the current crisis. Their expert team are with you every step of the way, from finding the most appropriate lender and product to applying and drawing down. 

They also have an in-depth understanding of the challenges facing specific business sectors. With a team who have all worked at lenders, they know the questions lenders will be asking and the answers they want to hear.

It usually means getting the funding you need faster – and paying less for it.

In the current crisis, that could be vital for your future. Banks are, understandably, overstretched and may be taking days just to acknowledge enquiries – let alone provide the funding businesses desperately need.

All types of funding

Rangewell work to find any type of funding businesses need, including Asset Finance, Working Capital Finance, Merchant Cash Advances, funding for Commercial property, Invoice Finance, MBOs and acquisitions to name a few. They can also help whether your need is a few thousand pounds to major finance in the millions.  

With the help of Rangewell, we can bring you the funding you need, faster. 

Financial crisis lifeline – or regular business funding – Advanced Accountancy and Rangewell have the answers you need

Rangewell’s expertise could mean the difference between securing the funding you need to get through the crisis or your business going to the wall – and as an Advanced Accountancy client, you can get it working for you now.

There’s no need to delay. Their helpful team can take you through every step from discussing your needs to securing the funding you need.Simply call us for further information about how the Rangewell experts can help you find appropriate and affordable funding. Ring our express line on 01384 271 858 or get in touch via our get in touch page.

Self Employed Examples

Self Employed Examples

The self employed of you out there have probably spent many a hour with the calculator trying to work out what income you will be entitled to whilst this virus has us all on lockdown.

Whilst we can’t provide you with an accurate figure unless you personally get in touch with us we thought now would be a good time to put together some examples to illustrate how everything will work.

If you want a personalised illustration, please give us a call on 01384 271858 and we will get everything organised for you.

Example 1

Trading profits

HMRC will use the figures on your tax returns for your total trading income (turnover), then deduct any allowable business expenses and capital expenditure.

i.e. if you made:

  • £20,000 profit in tax year 2016 to 2017
  • £20,000 profit in tax year 2017 to 2018
  • £20,000 profit in tax year 2018 to 2019
  1. Add £20,000 + £20,000 + £20,000 = £60,000
  2. Then divide £60,000 by 3

Your average trading profit for the 3 tax years would be £20,000.

The grant will be 80% of your average trading profit, divided by 12 which will give a monthly amount.

The monthly amount for the grant to be paid in this example would therefore be £1,333.33 (i.e. 80% of £20,000=£16,000 then divide by 12 = £1,333.33). HMRC will pay this or up to a maximum of £2,500 a month, (whichever is lower).

Example 2

If you have more than one trade in the same tax year

HMRC will add together all profits and losses for all these trades to work out your trading profit.

If you only traded in the tax year 2018 to 2019, and made a £60,000 profit for your first trade, and then a £20,000 loss for your second trade, your trading profit for that year would be:

Trade 1 £60,000 profit deduct trade 2 £20,000 loss = £40,000

Your average trading profit for the above will be £40,000 (the same principle is then used as in example 1 to calculate the monthly grant payable).

Example 3

If you have more than one trade and traded for more than one year

To work out your average trading profit HMRC will add together all profits and losses for all tax years you’ve had continuous trade.

If you made:

  • £60,000 profit in tax year 2016 to 2017
  • £60,000 profit in tax year 2017 to 2018
  • £30,000 loss in tax year 2018 to 2019
  1. Add £60,000 and £60,000 then deduct £30,000 loss = £90,000
  2. Then divide £90,000 by 3

Your average trading profit for the 3 tax years would be £30,000 (the same principle is then used as in example 1 to calculate the monthly grant payable).

Example 3A

If you did not trade in tax year 2016 to 2017 but made:

  • £25,000 of profit in tax year 2017 to 2018
  • £45,000 of profit in tax year 2018 to 2019
  1. Add £25,000 and £45,000 = £70,000
  2. Then divide £70,000 by 2

Your average trading profit for the 2 tax years would be £35,000 (the same principle is then used as in example 1 to calculate the monthly grant payable).

Eligibility

Your trading profits must be no more than £50,000 and more than half of your total income for either:

  • the tax year 2018 to 2019
  • the average of the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019

Example 5

2016 to 2017 2017 to 2018 2018 to 2019 Average for the 3 tax years
Trading profit £50,000 £50,000 -£10,000 £30,000
Pension income £15,000 £15,000 £15,000 £15,000
Total income £65,000 £65,000 £5,000 £45,000
Trading profit are more than half of your total income Yes Yes No Yes

So even if you made a loss in the tax year 2018 to 2019, you would still be eligible for the grant because your average trading profit for the 3 tax years:

  • is £30,000 – which is less than £50,000
  • is more than half of your total income of £45,000
Coronavirus Business Interruption Loan Scheme (CBILS)

Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to specifically support small to medium-sized businesses, with an annual turnover of up to £45 million by giving them access loans, overdrafts, invoice finance and asset finance of up to £5 million spanning over 6 years.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This will allow smaller businesses to benefit from no upfront costs and lower initial loan repayments.

The government will provide lenders with a guarantee of 80% on each loan (subject to pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to small and medium-sized businesses. This means that as a small to medium sized business you are more likely to be able to secure the financial package you really need!

The scheme is delivered through commercial lenders and is backed and regulated by the government-owned British Business Bank.

If you want to have a look at all the lenders who are currently offering this scheme, which include all the major banks here is the link

This sounds like it could really help my business. Am I eligible?

You’re eligible if your business:

  • is based in the UK
  • has an annual turnover of up to £45 million
  • has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic

However it’s worth noting that the following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • further-education establishments, if they are grant-funded
  • state-funded primary and secondary schools

I believe my business is definitely eligible. How do I apply?

The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.

The link can be found here

Or of course you can call us on 01384 271858 and consider it done.