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VIDEO: In conversation with cashflow.co.uk expert Chris Silverwood about CBILS

Partner at Ward Hadaway Adrian Ballam talks to corporate finance expert and CBILS specialist Chris Silverwood (CorpFin and cashflow.co.uk) to explore the practical ins, outs, dos and don’ts of CBILS applications, answering the questions:

  1. How are banks making their assessments of whether a business can afford a CBILS loan when for many they cannot accurately forecast their revenues for at least the next three months?
  2. What are the red flags that banks are looking for when assessing whether or not to grant a request for a CBILS loan?
  3. What cost mitigation measures should a business have already implemented prior to applying for a CBILS loan?
  4. What level of information should a business provide to support a CBILS application?
  5. What common mistakes are businesses making when applying for funding?
  6. What general tips do you have for businesses seeking CBILS funding?

Click read more to view the video.

Related FAQs

Can I use my Business Interruption insurance to make a claim?

The FCA’s test case in the Supreme Court ruled overwhelmingly in favour of policyholders.  However, business interruption cover generally has the prerequisite of physical damage or loss to the property (or in some circumstances, the presence of a notifiable disease at the property or within a certain radius of it), to recover losses caused by the interruption to your business. The onus is on insurers to re-assess those claims which are impacted by the Supreme Court’s judgment and to make contact with the policyholders regarding next steps. If you have not already made a claim, in the first instance the terms of any policy should be checked carefully to see whether business interruption cover is provided.

How do I apply for an extension to Companies House?

The application is made via the Companies House website, and only takes a few minutes to complete. Companies House have indicated that the extension is “automatic and immediate” and will be for three months.

Having said that the extension is “automatic”, their website also says that Companies that have already extended their filing deadline, or shortened their accounting reference period, may not be eligible for an extension.

If an extension is granted, it will not affect the due date for filing accounts in future years – so the deadline will revert to the usual date for the next accounting period.

What if the contractor is supplied by an agency?

As mentioned earlier, if an agency is involved you must send them a copy of the status determination statement for each contractor, and they will also have the right to dispute the outcome.

If the agency pays the contractor, they will be responsible for the operation of PAYE and NIC’s deductions and any apprenticeship levy. The agency may try to recover these costs from the end user client.

If workers are supplied by an agency or umbrella company and are already treated as employees by the agency, they will remain unaffected by IR35.

Can colleagues meet outside of work during the national lockdown?

Yes, but only for work purposes and where it is unreasonable to do so from home. Work colleagues cannot meet to socialise.

Which properties should I prioritise?

Some organisations are prioritising properties, known to be higher risk, such as properties with open flues, or near to the certificate expiry date.

Vulnerable staff and tenants need protection, safe working practices need to be established, and communicated. Organisations should bring forward servicing for people known to be vulnerable – but bearing in mind the guidance as to preserving the annual test date.