GWA sign up to UK Government’s Business Finance Advice Scheme

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The UK Government has been working with 3 main accountancy bodies (ICAS, ICAEW and ACCA) to provide a new service for businesses provided by qualified accountants. The scheme is part of the initiatives to try and stimulate the economy and to allow businesses access to experienced qualified accountants. The aim is to grow the economy by ensuring that entrepreneurs have access to the proper advice. This new service is called the Business Finance Advice Scheme (BFA) and we are pleased to announce we have registered with the scheme.

With the UK Government seeking to promote growth and entrepreneurship in small businesses, the view is that qualified accountants who deal with small and medium sized businesses (SMEs) on a regular basis have the ideal skills and experience to help businesses achieve their goals in what are difficult economic times.

Firms who are members of the scheme will be able to provide advice in the following areas:

  1. Business plans
    Involves the review and preparation of a business plan from the start, establishing its purpose, how it will develop and who its target audience is, through the journey of its uses.
  2. Business start-ups 
    Covers the requirements of a start-up business and considers the most appropriate forms of finance. It will include personal funding of a new business that may come from any assets that the entrepreneur has, including personal savings. It also includes finance from friends and family.
  3. Small scale equity issues
    Covers finance raised from director shareholders, without making a public offering. It will also include consideration of the tax incentives and conditions that are available under the Government’s enterprise initiatives, such as the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS), and Venture Capital Trusts (VCTs).
  4. Bank loans and overdrafts
    Involves the funding options available and how applications for loans and overdrafts should be structured, the security that might be required from the applicant, and the likelihood of success of an application given the borrower’s track record. Consideration of the appropriateness of business support scheme options, such as the National Loan Guarantee Scheme (NLGS) and Enterprise Finance Guarantee (EFG) scheme, is also a requirement.

With our long history of providing tax advice and business support to clients throughout East Lothian, Northumberland and the Scottish Borders GWA are able to provide all of the services covered by the scheme. The first interview is free and will help ascertain exactly what you might need and to clarify your thinking.

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