Take your business forward with the Government’s Recovery Loan Scheme

Looking for extra funding for your business?

The Government’s Recovery Loans Scheme is designed to improve the terms on offer to businesses, and can help with cash flow, growth, investment and more.

No personal guarantee up to £250,000.  No early settlement fees.

The Recovery Loan Scheme is to help businesses of any size access loans and other kinds of finance so they can recover after the pandemic and transition period.

Up to £10 million is available per business. The actual amount offered and the terms are at the discretion of participating lenders.

The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.

The scheme is open until 31 December 2021, subject to review.

Loans are available through a network of accredited lenders, listed on the British Business Bank’s website.


You can apply for a loan if your business is trading in the UK

You need to show that your business:

(a) would be viable were it not for the pandemic

(b) has been adversely impacted by the pandemic

(c) is not in collective insolvency proceedings

Business that received support under the earlier COVID-19 guaranteed loan schemes are still eligible to access finance under this scheme if they meet all other eligibility criteria.

What you can get

Firstly, term loans or overdrafts of between £25,001 and £10 million per business

Secondly, invoice or asset finance of between £1,000 and £10 million per business

No personal guarantees will be taken on facilities up to £250,000, and a borrower’s principal private residence cannot be taken as security.

How long the loan is for

The maximum length of the facility depends on the type of finance you apply for and will be:

(a) up to 3 years for overdrafts and invoice finance facilities

(b) up to 6 years for loans and asset finance facilities

How to apply

Find a lender accredited to offer Recovery Loans from the list on the British Business Bank website:

Find a lender

The maximum you can borrow is 25% of your annual turnover, and this cap includes any outstanding debt under the CBILS, CLBILS or RLS schemes.

The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit https://www.british-business-bank.co.uk/recovery-loan-scheme.


Forms P11D – reporting employee benefits

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021.

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute.

Employees pay tax on benefits provided as shown on the P11D, generally via a PAYE coding notice adjustment or through the self assessment system. Some employers ‘payroll’ benefits and in this case the benefits do not need to be reported on forms P11D but employers should advise employees of the amount of benefits payrolled.

In addition, regardless of whether the benefits are being reported via P11D or payrolled the employer has to pay Class 1A National Insurance Contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form. The deadline for payment of the Class 1A NIC is 19th July 2021 (or 22nd for cleared electronic payment).

If you would like any help with the completion of the forms or the calculation of the associated Class 1A NIC please get in touch.

Internet link: HMRC guidance

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2021.

The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.

The advisory fuel rates for journeys undertaken on or after 1 June 2021 are:

Engine size Petrol
1400cc or less 11p
1401cc – 2000cc 13p
Over 2000cc 19p


Engine size LPG
1400cc or less 8p
1401cc – 2000cc 9p
Over 2000cc 14p


Engine size Diesel
1600cc or less 9p
1601cc – 2000cc 11p
Over 2000cc 13p

HMRC guidance states that the rates only apply when you either:

  • reimburse employees for business travel in their company cars
  • require employees to repay the cost of fuel used for private travel.

You must not use these rates in any other circumstances.

The Advisory Electricity Rate for fully electric cars is 4 pence per mile. Electricity is not a fuel for car fuel benefit purposes.

If you would like to discuss your car policy, please contact us.

Internet link: GOV.UK AFR


Level 4 AAT Apprentice

We are delighted to announce that on Tuesday 4th May a new Level 4 AAT Apprentice joined our team!

Having successfully completed her Level 3 AAT exams Laura was made redundant by her previous employer who are going through a re-structuring plan following the impact of the Pandemic on their industry.

A local recruitment agency (Linda Taylors) made contact and introduced us to the talented and impressive Laura McMillan.  They thought she would be a good placement for us and they were entirely correct.  (http://lindataylors.co.uk/)


Laura has been excelling in her studies and training since her GCSE days at Westhoughton High School followed by attendance at Bolton Sixth Form College where her A Level results in Economics and Accounting were excellent.

She launched into a BA (Hons) in Economics and Finance at the University of Manchester but decided at the end of her first year that she would rather continue her learning via an apprenticeship; and so with courage and confidence she ventured into this alternative learning pathway.

Her success in her studies continued with the provider Kaplan Financial Manchester where her results in the AAT Advanced Diploma in Accounting were outstanding as well as the reference they provided for her.


Having survived a first interview with two of our staff (Diane and Andrea) and then a second interview with Charles and myself – we unanimously agreed that we wanted to offer Laura a Level 4 AAT Apprenticeship and we are delighted when she accepted our offer.

We have just agreed with Bolton College that Laura can join their Level 4 AAT Accountancy cohort this month and participate in the Taxation Module and then, in the new term starting in September, join the new cohort of students for the Professional Accounting Technician Level 4 Apprenticeship Course.

The College have been so helpful in getting Laura enrolled and working with us in setting up the Apprenticeship scheme with us.  (https://www.boltoncollege.ac.uk/apprenticeships/)

As Laura transitions from industry to General Practice we will be giving her all the support she needs.  She will be in College one day per week with the rest of her time in the office or from time to time working remotely.

Thank you to Linda Taylor’s for the introduction and to Bolton College for all their help in setting up Laura’s Apprenticeship program.

Welcome to the team Laura.  We wish you great success.

(Photo credit: courtesy of Laura McMillan)

Our co-branded video with Xero Accounting Software

We have working with Xero’s superb Digital Team to create our own Xero Co-Branded Video.

Many of our clients now use Xero Accounting Software and every week more clients sign up to using it to manage their business.

Below is the link to our co-branded Xero video which introduces you to its feature and benefits.  We hope you love what you see and learn.  Click the link and see what’s in store for you and your business: