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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.
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.
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:
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.
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:
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.
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.
We work across a wide range of sectors throughout the UK, providing specialist advice to each sector.
Can I refinance existing business borrowing?
Most companies will have at least some outstanding borrowing, whether that is in the form of business loans, an overdraft, or a type of asset-based lending.
What are my options if my bank has refused my company finance?
When looking for funding to kick start or grow your company, many business owners’ first instinct is to turn to their bank in order to secure this borrowing.
Understanding Revolving Business Credit: Overdrafts and Invoice Finance
Revolving business credit is a flexible line of funding which is available to a company to dip in and out of as and when it is needed.
What is the difference between capital and asset finance?
Capital finance is a broad term which encompasses a number of different commercial funding solutions, including fixed term loans, invoice financing, and overdrafts.