As the financial year-end has recently passed for many companies, some can find themselves faced with an unexpectedly large tax bill. Both Corporation Tax and VAT bills cause cash flow issues for businesses during this traditionally quieter period. Whether you are thinking of releasing reserves to help cash flow, or whether you are considering borrowing, finding a large lump sum can be very challenging especially if your business is in the midst of a seasonal dip.
Take heed, if you are unable to pay your tax bill on time the penalties can be severe. As well as a fine from HMRC, your business will see a negative impact on its credit rating if it fails to meet payment deadlines. This could have an impact for years to come as you may seek to obtain finance from a lender to grow your business.
Even with careful planning, unexpected events can leave you short of cash when you need it most.
You may have considered approaching your bank for a loan or overdraft facility, but typically businesses find applying for bank funding to be a time consuming process, requiring copious amounts of paperwork.
Even in today’s digital age where many applications can be made online, small businesses may find that lending policies don’t always allow for smaller loans that are only needed over a short term.
This is where Halo comes in with innovative solution to your Corporation Tax and VAT bill problems. We have many years of experience in arranging loans to help companies cover VAT and Corporation Tax liabilities. All loans are short term, usually between three months and one year in duration.
In order to apply we only need to know the following information:
- How much are you looking to borrow?
- How long do you wish the loan repayments to last? (Three months to one year)
- The name of your company and contact information.
Once we have this information we can often give you a decision in principle - a “yes” or “no” - within minutes, subject to a full approval. There is no security required for these short term loans, just personal guarantees of the main shareholding directors.
Once approved, we can make the payment to you, or directly to HMRC on your behalf.
Thinking about it? Why not check your eligibility on our website. It takes just 30 seconds and won't affect your credit rating.
If you’re undecided and would like help, why not download our free guide to financing your growing business. It's a guide written especially to help businesses like yours establish the best type of finance to support your growth.
- The different asset finance solutions available to you
- The difference between types of finance such as leases, hire purchase and commercial loans
- Which type of finance may be best for your business based on your needs
And if you need help with anything, chat with one of the team now by clicking the button at the bottom of your screen.