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The Positive Accountant Vol 1 Ed 30


In my previous lives, one of the joys of being a tax partner was that on Budget day one got to work through the night to make sure that we had something relevant to send out to our clients the next day.  

The day after, I'd be inundated with calls, both internal and external ones, trying to work out the impact of each change on the individual client.

The last few weeks have seemed like a never-ending Budget night.  The only differences being that (a) we used to get takeaway pizzas in around 11.30 pm to keep morale up, and (b) the changes were normally happening next month, next year, sometimes next decade

To illustrate my point, two big announcements have been made over the weekend and today - I've designated them as positives numbers 1 and 2 for today respectively.    Number 1 in particular is of interest, as I'm struggling to think of anyone who won't be interested.

Which just go to prove that in this new world the adviser can't relax, otherwise he or she is left a block or two behind...very quickly.

As ever, if you think the changes affect you/are of interest to you give me a call.

Remember, if you have 'missed' any previous editions, they can be found at

What are my positives today:-:

1. Bounceback loans have been announced today

These weren't expected,read very carefully...

These have been launched to reflected the fact that the CBILS loan scheme has been troublesome for the smallest businesses to get through.

The Bounceback loans were announced today, and allow small businesses to borrow 25% of turnover, between £2,000 and £50,000, interest free for 12 months and 100% guaranteed by the Government.  Repayment over an up to six year period.

The application process is designed to be simple, online, opens next Monday (4th) and the money is intended to be available 24 hours after application.  

In other words,the money could be in your account by Tuesday next week

The conditions look to be very flexible, and are that the business 

  • is based in the UK

  • has been negatively affected by coronavirus

  • was not an ‘undertaking in difficulty’ on 31 December 2019 [to be defined]

It looks like they cover sole traders, companies and partnerships.

This seems to be too good to be true,there is more to come in the following days, full information at the moment is at

2.  Self Employed Assistance coming earlier ? 

The Chancellor suggested over the weekend that in the light of how quickly and 'smoothly' the furlough scheme launch had gone  that they may be able to bring the self employed support package forward from June into May.

No word yet on the grant being extended for the extra month to match furloughing.

3. Pizza for dinner 

See above, it's feeling more familiar by the minute.

And what am I talking to clients about  ?  

CBILS loan schemes - I know there are some bankers who read these, and I mean no offence.  But clients who are in the throes of applying for the CBILS loan support packages are - across the board - struggling with the process.

Feedback that I'm getting is that it is taking too long (applications made at the launch are still being reviewed),  the degree of diligence about the figures is disproportionate to the amount of risk (20%) being taken by the banks, and generally the priority being given to existing customers meaning that even if Bank A has a better scheme than Bank B, only Bank A is open to the applicant.

Are Offices Needed ?A controversial subject, but many clients I'm talking to with offices are wondering about the future.  And you can see why - those very same businesses are working well without the cost. I don't know the answer (and haven't made my own mind up either) but the arguments are easily understood.

Until tomorrow


07917 338342

I was once put on Gardening Leave when I'd resigned from one firm to join another.  It was January and too cold for Gardening

But now, with an isolated gardener  I have to garden without leave !  

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