What do I need in order to apply for a business loan?

There are a number of eligibility checks your business will need to meet in order to secure a business loan. Typically, these are:

Cash VAT Scheme

• Your credit score in order to check your credit worthiness

• The age of your business

• Annual revenue, including net operating income

• Potential collateral - eg do you have any assets (inventory, property, equipment, etc) to back the loan in case of default.

• Personal debt-to-credit-ratio - some lenders perceive being in receipt of a large amount of credit at the time of applying for a business loan to be a risk

Standard VAT Scheme 

Your VAT liability is based on invoices & transactions. You pay VAT when you issue an invoice and reclaim it when you receive an invoice from a supplier, regardless of when the payment is made. If there is no invoice for a payment that includes VAT, this payment will still be included in your VAT report – contributing to your VAT liability or reclaim.

It's mandatory to match all invoices to the respective transactions, to ensure correct reporting.