So. I've banged on about loads of small businesses falling through the net of the 'great' furlough / self employed grant schemes. Millions of law abiding, tax paying people left with nothing.
Just been talking to a client who was able to claim a modest amount, based on his self employment income, as was correct.
However, he also set up a Ltd Co. last year (this is all 100% legit btw) and as he was on his arse, he applied for a bounce back loan. The company has submitted no accounts to either Companies House nor HMRC. It may as well not exist.
It costs less that £20 to set up a company.
He's been given £20,000. He didn't even ask for a figure, they just transferred him £20k.
Now, as I say, he's legit. He is running a small business and it's been destroyed by lockdown, so the loan is a good thing.
But if you think about it, all you needed to do was set up a few hundred companies using dodgy names and addresses (easy). Get a bank account for one of them (easy until very recently, I wonder why?). Take out a few million in BBLs and run away.
I guess we'll never know the extent of the fraud, but although the money is from the banks, it's underwritten by us. There appear to be no checks and balances on the wash of money being handed out. Some people being refused UC because they have equity in their house, others given tens of thousands when they don't even need it.
I'm seeing both sides every day and I can't believe what I'm seeing.
But immigrants and stuff...........
Just been talking to a client who was able to claim a modest amount, based on his self employment income, as was correct.
However, he also set up a Ltd Co. last year (this is all 100% legit btw) and as he was on his arse, he applied for a bounce back loan. The company has submitted no accounts to either Companies House nor HMRC. It may as well not exist.
It costs less that £20 to set up a company.
He's been given £20,000. He didn't even ask for a figure, they just transferred him £20k.
Now, as I say, he's legit. He is running a small business and it's been destroyed by lockdown, so the loan is a good thing.
But if you think about it, all you needed to do was set up a few hundred companies using dodgy names and addresses (easy). Get a bank account for one of them (easy until very recently, I wonder why?). Take out a few million in BBLs and run away.
I guess we'll never know the extent of the fraud, but although the money is from the banks, it's underwritten by us. There appear to be no checks and balances on the wash of money being handed out. Some people being refused UC because they have equity in their house, others given tens of thousands when they don't even need it.
I'm seeing both sides every day and I can't believe what I'm seeing.
But immigrants and stuff...........