Thousands of businesses have personal tax bills due on 31st July and many do not realise there is an alternative to paying the bill in one sum.
Payment on account is used by self-employed businesses who have a bi-annual tax payment to spread the cost of that year’s tax liability.
However, tax funding can spread the cost even further, over three to 12 months, freeing up vital cashflow, keeping the additional funds in your bank account.
Our personal tax consultants help businesses every year to preserve their capital which can then be used for alternative investment within the business. The strategic management of cashflow is going to be key over the coming months and is an area our tax consultants have substantial experience in.
Using a short-term loan to fund a personal tax bill not only frees up cash reserves but also removes the burden of dealing with the HMRC as we do it for you. We will pay the HMRC for you, spreading the cost over an agreed number of months.
The process is simple for our clients, all you need to do is provide us with your HMRC reference number and we can make payment directly to the HMRC, there are no fees to set up and more important no personal guarantees (up to £150k), we can also cover liabilities over £1 million.
One of our recent clients said the money they retained allowed them to recruit and add to their team when the opportunity arose. This is something they would not have felt comfortable doing if they had not used us to provide tax funding.
For us to see this type of funding have an impact on small businesses and create jobs is fantastic and something we are keen to provide to all firms. We can make the cashflow position a more manageable experience moving forward creating opportunities for investment and growth.
Supporting businesses and helping you to grow and prosper is our key priority. Aside from working on personal tax applications we are also an accredited provider of the government’s Recovery Loan Scheme and are taking applications now.
Businesses which have taken out a Coronavirus Business Interruption Loan or Bounce Back Loan can still apply for the new scheme.
Firms meeting the eligibility criteria can apply for loans of between £25,001 and £10 million and as per the previous support loans, the government guarantees 80% of the finance to the lender. Invoice or asset finance of between £1,000 and £10 million per business is also on offer.
Repayment terms vary depending on the loan taken. Terms of up to three years for overdrafts and invoice finance facilities or up to six years for loans and asset finance facilities.
V4B Business Finance
For information on funding for your business contact us for a FREE consultation:
Call 01978 668939