in the news

Inspired continues sponsoring Paul Ivens

Mon, 22 May 2017 14:31:46 +0100

Inspired Accountants has sponsored Paul Ivens since 2014, and in 2017 Paul is competing in the Milltek Sport Volkswagen Racing Cup.

Launched in 2000, this racing series is widely regarded as one of the most exciting saloon car championship in the UK.

This racing series is also one of the support races for the GT Championship which includes Aston Martin’s, Bentley’s, Ferrari’s and McLaren’s. Round one of the race series commenced on Easter Bank Holiday at Oulton Park.

Further information can be found at www.vwracingcup.co.uk.

We have welcomed three new members of staff

Tue, 02 May 2017 14:28:20 +0100

We’re delighted to announce that we recently employed three new members of staff - Jamal Yafai, Stephen Constable and Lucy Edgar.

Jamal joined us as a Tax Assistant and is involved in the preparation of personal tax returns, P11D’s and assisting with all aspects of tax work and advice including dealing with HM Revenue and Customs.

As an Accounts & Audit Assistant, Stephen prepares statutory accounts and corporation tax computations and assists with company audits helping ensure all technical disclosures are compliant with the statutory financial reporting requirements.

Lucy is our new Practice Administrator and is responsible for a wide range of administrative duties including answering incoming phone calls, greeting clients on site, and managing the practice’s client files and systems.

Changes to the VAT Flat Rate Scheme

Mon, 10 Apr 2017 14:20:24 +0100

Significant changes have been introduced to the amount of VAT that many small businesses will now have to pay.This will affect businesses that use the VAT Flat Rate Scheme which is for small businesses with limited costs.

Normally a business deducts the VAT on its inputs (what they buy) from the VAT charged on what they sell (outputs). However, under the Flat Rate Scheme, businesses charge 20% and on their outputs and before 1 April 2017, they then deducted and paid a pre-determined percentage to HMRC. Businesses previously determined which flat rate percentage to use by referring to the assigned percentage for their trade sector.

From 1 April 2017, businesses must now determine whether they meet the definition of a limited cost trader in order to be eligible to use the new 16.5% rate which is applicable to all trade sectors.

A limited cost trader is defined as a business that spends less than 2% of its sales on goods (not services) in an accounting period. A business will also be a limited cost trader if it spends less than £1,000 a year, even if this is more than 2% of the firm's turnover on goods.

If you are a limited cost trader, you must apply the 16.5% VAT flat rate to all invoices raised from 1 April 2017. This means that work sold for £120 with £20 of VAT will result in a flat rate VAT charge of £19.80 - the key point is you are now paying over the large majority of the VAT that you are collecting, so you may wish to consider deregistering for VAT if your business generates less than the £83,000 per year threshold.

If you are not a limited company cost trader, you should continue to use the relevant VAT flat rate for your trade sector. However, you will need to carefully monitor your expenses during each VAT period to ensure you apply the correct rate – e.g. If you pay VAT quarterly and your costs fall under £250 (one quarter of the maximum £1,000 annual limited cost trader amount), you will be deemed to be a limited cost trader for that period and must apply the 16.5% VAT rate.

We have produced a factsheet on the changes which can be downloaded here. However, please contact us if you would like to discuss how this impacts your business.Changes to the VAT Flat Rate Scheme

An Update From Team Trackspeed

Wed, 31 Aug 2016 10:29:19 +0100

Here’s an update from Paul Ivens of the Inspired Accountants sponsored Team Trackspeed UK. Paul has just completed a race weekend at the Snetterton Race Circuit.

"I qualified 4th for race 1, but by the end of lap 1 I was up to 3rd but this wasn't to last and I ended up 5th at the end.

"For race 2 I lined up 5th and had a reasonable start moving up to 4th on lap 3 but at the end of the back straight I lost a place to my team mate (some say that I gave it way!) but in the final corner there was an incident involving two cars and I crossed the line 3rd.

"The following day I put in a 2.07.7 (lap record for me) to qualify 3rd in the VW Cup. Off the line I was blocked by Mr. House who was 2nd and we ended up doing some bumper tapping as we entered the first corner. From lap 3 I struggled for grip and lost a place but a couple of laps later I went for a pass to regain third but coming out of the chicane we touched and the tracking was knocked out of alignment. This made turning right a bit tricky! I crossed the line 5th but was classified 4th due to a technical issue with a fellow competitor.

"For race 2 I was again 3rd on the grid and moved up to 2nd by the second corner. This didn't last long as I left the door open going in to the second hairpin and dropped back to 3rd! The following lap I ran wide and lost two more places but a few laps later up front there was a big lock up and I was up to 5th. The top 5 cars stayed bumper to bumper and until the last but one lap when I lucked in again when another car locked up going in to the first chicane and I passed for 4th. Disappointed not to have made the podium but it was a great days racing."

Team Trackspeed UK, who with Paul Ivens at the wheel, competes in the VAG Trophy UK series which is for family-sized cars built by VW, Audi, SEAT or Skoda. Paul Ivens currently lies 7th in the VAG Championship.

Inspired Accountants have supported Team Trackspeed since 2014

Team Trackspeed UK Sponsorship

Tue, 03 May 2016 11:00:58 +0100

We are excited to continue sponsoring Team Trackspeed UK, who with Paul Ivens at the wheel competes in the VAG Trophy UK series which is for family-sized cars built by VW, Audi, SEAT or Skoda.

Paul is driving a Volkswagen Scirocco and after 5 races is 7th (33 drivers registered) in the championship with 22 points.

The remaining race dates are as follows:

- 14/15 May: Brands Hatch Indy
- 8/9 July: Spa Francorchamps 2
- 3 July: Brands Hatch GP
- 6 August: Snetterton 300
- 20 August: Oulton Park
- 8 October: Castle Combe

Further information on the VAG Trophy Racing series can be found at www.vagtrophyracing.co.uk.

Nirwair Reehal joins the team

Fri, 29 Apr 2016 10:55:58 +0100

Nirwair recently joined us a Senior Accountant and is responsible for producing accounting reports, preparing financial accounts and audits as well as providing clients with technical advice.

Nirwair began working as an accounts assistant in a small practice in Birmingham in 2007 and completed his ACCA qualification in 2010.

Outside of work, Nirwair’s hobbies include playing golf and working out at the gym.

We have raised over £2,650 for CLIC Sargent

Thu, 01 Oct 2015 10:35:45 +0100

Our charity evening raised over £2,650 for children with cancer. A big thank you to all of our clients, suppliers and business associates who helped raise such a great amount.

To find out more please read out latest press release as featured below.

Lichfield accountants, Inspired Accountants held their annual charity quiz at Darnford Moors Golf Club on the evening of 17th September to raise funds for CLIC Sargent and to coincide with Childhood Cancer Awareness Month.

Steven Payton, Inspired Accountants’ Tax Director nominated CLIC Sargent to be their charity of choice after having seen firsthand the difference that the charity makes. Speaking about his experience Steven commented: “CLIC Sargent provide clinical, practical, financial and emotional support for children and young people, together with their families to help them cope and get the most out of life whilst dealing with childhood cancer.

“It is a charity close to my own heart as they were of great support when my son, Morgan, was diagnosed with Leukemia when he was 6 years old. Without their support and help the years of treatment Morgan endured in fighting an illness, which still claims many young lives even with today’s medical advancements, would have seemed insurmountable. I am pleased to say Morgan was one of the lucky ones and now leads a full and active life.”

Speaking about the quiz evening, Steve added: “We had a great turnout and I would like to thank all of our clients, suppliers and business associates who attended or made a donation helping us raise in excess of £2,650 for CLIC Sargent.”

Anna Finnegan, CLIC Sargent’s Area Fundraising Manager for the Midlands, said: “We were pleased that Inspired Accountants chose to support us and I have personally thanked them for raising such a fantastic amount of money and for helping to spread the word about CLIC Sargent.”

Inspired Accountants, which has offices in Lichfield and Leicester and provides a comprehensive range of accountancy and advisory services to businesses and individuals has raised in excess of £8,000 for charity since 2012.

The company’s JustGiving webpage for CLIC Sargent can be found at www.justgiving.com/SupportingCLICSargent.

Further information about CLIC Sargent can be found at www.clicsargent.org.uk.

Inspired Accountants' Annual Charity Quiz

Thu, 27 Aug 2015 10:59:47 +0100

We are challenging local businesses to come along to our charity quiz night and compete against each other to see who will be crowned general knowledge champion.

The charity quiz is in aid of CLIC Sargent and takes place on Thursday 17th September 2015 at Darnford Moors Golf Club in Lichfield.

A licensed bar will be available from 6.30pm and the quiz will start at 7.00pm. A complimentary drink will be available upon arrival and there will be a break midway for a buffet. Steven Payton, Director at Inspired Accountants commented: “We really want as many local businesses as possible to join us for our charity quiz night and play a part in raising as much money as possible for CLIC Sargent, who provided support for my son, Morgan, and my whole family through Morgan’s fight with Leukemia when he was 6 years old.

“We are asking for an entry donation of £50 per team and teams can be made up from colleagues, family members and friends. A maximum of four people per team is permitted but you can enter as many teams as you wish.

“The evening will be light-hearted with an opportunity to network with other local businesses and the first three teams will win prizes with the winners also receiving the Inspired Accountants Quiz Trophy.”

CLIC Sargent provides clinical, practical, financial and emotional support for children and young people, and their families to cope with cancer and get the most out of life.

Last year Inspired Accountants raised £2,215 for bibic (Be Inspired By an Incredible Child), after Paul Bulzacchelli the Managing Director of Inspired Accountants had contact with them through his daughter Isabel. bibic is a national charity, which helps children and young people aged from six months to 18-years-old with conditions affecting their social, communication and learning abilities to achieve their potential for a happier and more fulfilled life.

If you would like to enter a team or require further information contact Steven Payton on 01543 624 031 or send an email to steven@inspiredaccountants.com.

Free online business resource centre

Mon, 15 Jun 2015 10:23:55 +0100

Our website includes a free resource centre containing a wide range of calculators, factsheets, rate cards and content covering all aspects of accountancy, taxation, business planning and management.

It also includes information and guides on an extensive range of topics including tax, investments, personal financial planning, business solutions and VAT. It is updated on a daily basis and a great resource to help provide up-to-date and reliable information.

To make it easier to access the resource centre we have removed the requirement to login. Anyone wanting reliable and up-to-date information can now access all of the resources simply by visiting http://resources.inspiredaccountants.com.

Paul celebrates 10 years at the helm

Tue, 24 Feb 2015 09:54:33 +0000

Inspired Accountants’ Managing Director Paul Bulzacchelli is celebrating 10 years at the head of the Lichfield and Leicester based accountancy practice which under his leadership has undergone an extensive transformation.

In the last decade Paul has been instrumental in increasing annual turnover by 300%, advising on high profile work including a recent company sale for £2.5M, conducting the Financial Audit for the Rugby Football Union for Women as well as a multitude of commercial lending deals and small business tax mitigation work.

Paul oversaw the relocation of the business to larger modern offices in Parkside Court, Lichfield and later the opening of a second office in Leicester. In 2011 he rebranded and renamed the practice. “The office relocation and repositioning of our brand were integral to our strategy and future growth plans. I have invested in understanding what our clients and potential clients desire from an accountant and as a result I, and all of the team at Inspired Accountants, have developed the business substantially over the last ten years,” said Paul who has also been successful in bringing on board a highly regarded tax professional at a senior level in addition to employing numerous personnel to accommodate the increase in turnover.

Paul doesn’t just want to project a positive image for his practice, he is also striving to change the image of accountancy through building strong relationships with clients, associates and the wider community. Testament to this is the involvement which Inspired Accountants has with a number of charities, including St Giles Hospice, bibic and Diabetes UK, raising in excess of £5,500 in recent years.

When asked about the future, Paul said: “Medium-term I’m potentially looking to open an additional office in Birmingham, but in the immediate future I’m looking at the possibility of acquiring another practice.”

Paul Bulzacchelli is 38, lives in Little Aston, has worked in accountancy since 1995 and has been a Chartered accountant since 2003.

Our charity evening raised £2,215 for bibic

Tue, 14 Oct 2014 15:25:15 +0100

We held our annual charity quiz at Darnford Moors Golf Club on the evening of 25th September to raise funds for bibic (Be Inspired By an Incredible Child).

On the night in excess of 70 people attended helping to raise £2,215, but donations are still being received and so the final amount is expected to be closer to £2,500.

Mary Matthews, Fundraising and PR Team Leader at bibic, said: “We’re delighted that Inspired Accountants chose us as its Charity of the Year and we would like to thank them for raising such a great amount of money and for helping to spread the word about the important work that bibic does.”

Paul Bulzacchelli, Managing Director at Inspired added: “We chose to support bibic as it is such a worthwhile charity. Through my daughter Isabel, I have experienced first-hand the great work the charity does helping families and giving them the tools to deal with the challenges that arise.

“The quiz was a great success and we raised more than we have in the past. I am grateful that such a large number of clients and business partners took part and played a significant role in raising so much money.”

bibic is a national charity, which helps children and young people aged from six months to 18-years-old with conditions affecting their social, communication and learning abilities to achieve their potential for a happier and more fulfilled life.

Our JustGiving webpage for bibic can be found at www.justgiving.com/fundraising4bibic.

Announcing our sponsorship of Team Trackspeed UK

Thu, 11 Sep 2014 10:36:39 +0100

Midlands based Inspired Accountants, who have offices in Lichfield and Leicester, have announced their sponsorship of Team Trackspeed UK.

Team Trackspeed UK race a Renault Clio 2.0 litre Sport and compete in the MSVR Team and Track Day Trophies. The deal will see the Inspired Accountants livery feature on the rear quarters of the car. Paul Ivens and Adam Langeveld are the team’s drivers for 2014.

Paul is a very experienced track day driver and Adam has driven for Team Trackspeed UK since July 2013.

Team driver Paul Ivens, who is also a Director of Green & Co Estate Agents said: “I am delighted that Inspired Accountants have come on board with us as a sponsor and I know that we will be able to showcase their brand to the loyal followers of our racing series.”

Paul Bulzacchelli, Managing Director of Inspired Accountants said: “Sponsoring Team Trackspeed UK has provided us with an opportunity to raise our profile. I know Paul and Adam well, so with their determination and competitiveness I’m confident that they will do well.” Paul and Adam have achieved podium success three times this season already.

You can keep up-to-date with Team Trackspeed UK at www.teamtrackspeeduk.com

By Paul Bulzacchelli

Charity Quiz in Aid of bibic

Thu, 07 Aug 2014 11:32:42 +0100

We really want you to join us for our charity quiz night and play a part in raising as much money as we possibly can for bibic (the British Institute for Brain Injured Children).

We chose to support bibic as I have experienced first-hand the great work the charity does through my daughter Isabel. bibic works with children who have conditions such as Autism, ADHD, Cerebral Palsy, Down’s syndrome, Dyslexia, brain injury and challenging behaviour.

The quiz will be taking place on Thursday 25th September at Darnford Moors Golf Club, Darnford Lane, Lichfield, WS14 9JG. A licensed bar will be open from 6.30pm and the quiz will start at 7.00pm.  A complimentary drink will be available on arrival and there will be a break midway for a pork bap and chips.

We ask for an entry donation of £50 per team, however you are welcome to pay more if you wish. Teams can be made up from colleagues, family members and friends.  A maximum of four people per team is permitted but you can enter as many teams as you wish.

The evening will be light-hearted with an opportunity to network with other local businesses. The first three teams will win prizes, with the winners also receiving the Inspired Accountants Quiz Trophy.

To enter simply complete and return this RSVP form along with your cheque made payable to bibic. To help us maximize the fundraising efforts, we would be most grateful if you could donate a raffle prize. If you are able to, please indicate so on the RSVP form.

The dress code is smart-casual and places are limited so book early to avoid disappointment

If you are unable to attend but would still like to make a donation you can do so at www.justgiving.com/fundraising4bibic

By Paul Bulzacchelli

Tax relief for social enterprises and charities

Thu, 03 Jul 2014 09:32:56 +0100

Paul Bulzacchelli Managing Director at Inspired Accountants, explains how the social investment tax relief (SITR), as announced in April’s Budget, can help social enterprises, charities and investors.

“SITR allows anyone lending money to a social enterprise or charity to reclaim 30 per cent of their loan in tax relief. It applies to the first £284,000 loaned to the charity.

“Investors can charge market rate interest, but it’s important to stress that they can’t get the capital back for three years. Individual investors can invest up to a total of £1,000,000 per tax year via multiple social enterprises and charities. Provided that the investment is held for at least three years, any capital gain arising on the disposal of the investment will be exempt from capital gains tax. If an investor has a chargeable gain they can also defer this capital gains tax liability by investing it in a social enterprise or charity. Tax will instead be payable when the investment is sold or redeemed which provides scope for capital gains tax planning.

“When combined, these tax reliefs can make for an attractive investment from a tax perspective and they could be extremely useful to those charities and social enterprises who have revenue generating activities as it is will stimulate additional investment opportunities from a wider pool of investors.”

If you are a charity, social enterprise or possible investor, you can contact Inspired Accountants for further information on SITR by phoning 01543 624 600 or by sending an email to info@inspiredaccountants.com.

At the forefront of Google’s latest innovation

Thu, 15 May 2014 14:47:39 +0100

We are no strangers in adopting innovative ways to interact with clients, local people and businesses, and our latest venture sees us become one of the first to use Google’s Business View.

Business View enables internet users to view a 360-degree virtual tour allowing them to familiarise themselves with a business’s premises and location. This facility can be accessed through Google’s search engine and also Google Places. Google pinpoints the business on a map along with its contact details, opening times, company logo, company photographs, and gives the option to look inside the business via the 360-degree virtual tour.

Paul Bulzacchelli said: “We are continually looking to push boundaries by maximising our use of new technology. We recognise that Google is usually the first resource people turn to when trying to find a reputable, modern and forward thinking accountant. Business View enables us to stand out from the crowd by allowing internet users to take a virtual tour of our Lichfield office.”

Our virtual office tour can be found at www.InspiredAccountants.com/VirtualOfficeTour

By Paul Bulzacchelli

Inspired Accountants celebrate continued growth

Wed, 12 Mar 2014 11:46:42 +0000

Here’s our latest press release announcing the employment of Helen Smallwood and Daniel Hardgrave.

Lichfield and Leicester accountancy practice, Inspired Accountants, remain on course with their expansion plans employing an experienced tax senior and investing in a modern apprentice.

Helen Smallwood joins as Tax Senior and will be responsible for advising clients on their personal tax affairs. Commenting on her new position, Helen said: “I became interested in accounts and tax whilst studying for my Btec in Business and Finance. I decided to specilaise in tax later in my career and in 2007 I became a qualified member of ATT, the Association of Taxation Technicians.”

Daniel Hardgrave, who joins Inspired Accountants on an accounting modern apprenticeship, said: I heard of the vacancy through Babington Business college where I'm currently doing my AAT Level 2 Qualification. I am delighted to have been offered the apprenticeship as it means I can work and gain experience whilst studying towards a recognised qualification in accountancy.”

Inspired Accountants’ Managing Director Paul Bulzacchelli said: As a firm, we are ambitious and want to do everything we can to attract talented individuals whether they are just starting out or have amassed a wealth of experience. With regards to Daniel and the modern apprenticeship scheme, we recognise that university isn’t the best option for everyone and so we are delighted to be able to offer him the opportunity to gain a professional qualification whilst also earning a competitive salary.

“Helen brings with her a wealth of tax experience having started her accountancy career in 1994. Helen will help ensure we continue to provide an exemplary service as the practice and tax department grow.

“Helen and Daniel’s individual skills are a perfect fit and I know they will each play a pivotal role in the continued success of Inspired Accountants.”

Helen is from Hednesford and in her spare time enjoys going to the theatre and attending classes at her local gym. Daniel lives in Streethay and plays football and golf in his spare time.

By Paul Bulzacchelli

Announcing the launch of our mobile website

Thu, 13 Feb 2014 15:55:54 +0000

Inspired Accountants has launched a new mobile website to meet the increasing demand of people accessing their website on the move.

Business owners, managers and employees can now access a host of free calculators and small business news articles from their mobile devices, increasing the ease and speed of browsing when on the move or away from a computer.

The growth of mobile Internet usage across both of Inspired Accountants’ offices has made the investment worthwhile and necessary to make all of their resources, contact details and company information available through this technology, regardless of what operating system their mobile device uses.

Commenting on the new mobile website, Paul Bulzacchelli Managing Director at Inspired Accountants said: “The mobile website is a natural progression to ensure our website meets the changing browsing behavior of people. We looked at a number of options including creating an App but decided to opt for a mobile website as this option meant we didn’t have to develop multiple versions to be able to work on the various phone and tablet operating systems.”

Mobile websites need to take on particular characteristics different to conventional websites which make them more user-friendly and effective. With this in mind, the Inspired Accountants mobile website has been specifically designed to engage with people looking for an accountant or accountancy and business related resources with an easy to browse and clear layout.

You can visit the new mobile website from a smartphone or tablet device by navigating to www.inspiredaccountants.com.

By Paul Bulzacchelli

Apply for Regional Growth Funding before the 9th Dec

Fri, 29 Nov 2013 14:24:43 +0000

Inspired Accountants today (29 November 2013) is urging Midlands based businesses to apply for a share of £300 million from the Regional Growth Fund before the deadline at midday on Monday 9^th December 2013.

The Regional Growth Fund is a flexible and competitive fund operating across England. It supports projects that are using private sector investment to create economic growth and sustainable employment.

Paul Bulzacchelli, Managing Director of Inspired Accountants said, “Round 5 is just about still open to private sector bidders seeking a fund of £1 million or more. The government is calling for companies planning high quality projects that will generate significant private sector investment and sustainable jobs to apply.”

So far £2.6 billion from the first four rounds of the Regional Growth Fund has supported over 400 projects and over 3,000 small and medium size enterprises.

“To obtain funding, you must successfully complete the Regional Growth Fund process, which is overseen by an Independent Advisory Panel of business leaders and chaired by Lord Heseltine. The Independent Advisory Panel make recommendations to a Ministerial Panel, led by Deputy Prime Minister Nick Clegg, which will make the final decisions as to which bids should receive funding. That may sound daunting, but a good accountancy practice with practical and successful experience of winning Regional Growth Fund money and who know the right banking contacts will be able to support an application”, said Paul.

Inspired Accountants have practical and successful experience of winning RGF money. If you would like to know more about RGF or how we can support an application on your behalf then please get in touch. T: 01543 624 600 / info@inspiredaccountants.com

By Paul Bulzacchelli

Our quiz night raised over £1,100 for St Giles Hospice

Fri, 04 Oct 2013 13:28:02 +0100

Read our latest press release by Paul Bulzacchelli. Inspired Accountants have presented St Giles Hospice with a cheque for £1,170 after hosting a quiz evening for clients and associates.

Inspired Accountants held the charity quiz at Darnford Moors Golf Club on 26^th September to raise funds for St Giles Hospice. On the night 56 people attended with fourteen teams entering the quiz.

Paul Bulzacchelli, Managing Director at Inspired said: “The quiz was a great success and we raised more than last year. I am grateful that such a good number of clients and business partners took part and helped raise £1,170 for St Giles Hospice”.

In addition to the quiz, a raffle, a game of heads and tails and an auction also generated cash for St Giles Hospice. “I would like to extend a special thanks to the Birmingham Chamber of Commerce for helping promote the quiz, Nexus Pearls for donating a pearl necklace, Blue Footprint for kindly donated a gaming chair, Amtrain for donating a ride on the Tornado Steam Train, Pin Digital for the many raffle prizes, Barclays for donating their Heads & Tails win to the charity auction and everyone at The Trophy Store for donating the trophies”, said Paul.

The whole team at Inspired Accountants were involved with organising the quiz, and in addition to their time, they donated prizes and funds. Commenting on this Paul said: “The whole team at Inspired Accountants deserves credit, as the event would not have been such a success without their hard work and generosity.”

Six-figure client investment secured

Fri, 20 Sep 2013 12:14:54 +0100

By Paul Bulzacchelli. Read our latest press release detailing how we helped a client secure investment after their bank refused to help.

Inspired Accountants helps client secure six-figure investment after the bank said ‘No’

Lichfield and Leicester accountancy practice, Inspired Accountants, is celebrating with their client Jerome Rendering after helping them secure a £150,000 investment.

Jerome Rendering required the investment after successfully securing a contract with Lovell Partnership Ltd to increase the energy efficiency rating of 240 houses under the control of Cannock Chase District Council. The investment was needed to enable the company to purchase materials and pay their subcontractors whilst the contract funding from Lovell Partnership cleared.

After six weeks of negotiations with a high street bank failed to secure the loan, Paul Bulzacchelli, MD at Inspired Accountants approached Ludgate Finance, who together helped broker a deal with ThinCats’ peer-to-peer loan network in under a week.

Commenting on this, Paul Bulzacchelli said: “Funding for small businesses through traditional means is still very restrictive and after the loan application for Jerome Rendering was refused I decided to look into the feasibility of peer-to-peer lending as we work closely with Ludgate Finance who act as a sponsor of the ThinCats peer-to-peer loan network.”

The ThinCats peer-to-peer loan network is a recognised commercial finance alternative to bank lending and works by bringing together private investors in syndicates to make loans to individual businesses. Borrowers can take out loans of between £50,000 and £3 million, at fixed competitive rates, for periods ranging from six months to five years.

Christian Jerome a director at Jerome Rendering said: “From the initial meeting with Ludgate Finance I could see that they were genuinely interested in our business and I left the meeting with every confidence that they would be able to provide access to the finance so long as we could substantiate what we had discussed in the meeting.”

Paul Bulzacchelli continued: “The process was relatively simple and straightforward. After meeting Ludgate Finance and working with them on the required due diligence and loan proposal, the finance was agreed within a week and just 24 hours after presenting the proposal to the lenders, the full £150,000 was in my client’s bank account.”

Steve Grice from Ludgate Finance said: “This situation is proof that when the banks say no there are still alternative streams of finance out there for small businesses. In fact I would urge all businesses looking to secure finance to not just rely on the traditional sources and to look at alternative sources of finance, which in the majority of cases offer a better rate than available from traditional high street lenders".