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Loans for HMRC VAT & Corporation Tax

Business loans for HMRC tax liabilities

The uncertainty of running a business means that you don’t always have the cash flow to pay a tax bill when it’s due. Although this is quite common, it can lead to unwelcome scrutiny from HMRC, late payment penalties and interest charges. To avoid this, you may decide to ‘rob Peter to pay Paul’, by paying your tax bill at the expense of other business costs, but this brings its own stresses and pressures. Thankfully, there is a solution. 

Business tax loans allow you to spread the cost of your tax bills into more manageable repayments. At UK Business Finance, we can help you find loans for HMRC VAT and Corporation Tax bills with funding terms to suit your particular requirements. We cover the whole market and there are no fees for our service. We can even fill out the loan applications on your behalf, so you can concentrate on running your business.

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What is an HMRC VAT and Corporation Tax loan?

A business tax loan is an easy way to access the money you need to pay your tax bill when it’s due. You then repay the loan with monthly repayments over a fixed period to reduce the impact on your cash flow.  

We can help you find business VAT and Corporation Tax loans of £5,000 to £250,000, repaid over a typical term of three to 18 months. This type of loan is usually unsecured, so there’s no risk to your business assets but you may have to sign a personal guarantee.

What are the benefits of VAT and Corporation Tax Loans?

A business tax loan can give you a quick injection of cash at a vital time, so you can maintain investment in your business and keep your competitive edge. Here are some of the benefits of this type of loan:

  • Spread the cost of quarterly and annual tax bills over a longer term
  • Tax loans are quick to arrange
  • Avoid costly HMRC penalties
  • Boost your cash flow so you can spend it in other areas
  • Tax loans can be cheaper than other forms of short-term borrowing, such as business credit cards and overdrafts
  • You can finance your tax bill before or after you’ve paid it

However, as the loans are unsecured, the rates are typically higher than you’d pay for a secured business loan. You should also have a plan to pay your ongoing tax bills when they fall due as well as your loan repayments.

Am I eligible for a business tax loan?

Only limited companies are eligible for corporation tax bill funding but sole traders and partnerships can apply for a business loan to pay their VAT. The following criteria also apply: 

  • The business must be VAT registered
  • Annual turnover must be more than £85,000
  • Standard credit checks will be carried out but businesses with an adverse credit record can still apply

As part of the vetting process, the lender will also review the business’s financial situation to make sure it’s viable and the loan repayments are affordable. 

Get fast finance for your HMRC tax bill

If you need help paying a tax bill, we can help you find the best funding options and facilities that meet the specific requirements of your business. Just tell us how much your tax bill is and your ideal loan term and we’ll search the whole market to bring you the best deal. Request a quote or get in touch to discuss your funding requirements with our team.

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Our team of finance experts can provide industry-leading advice on mortgages to suit a range of different scenarios. Call the team on 0808 301 0624 or Contact Us