This type of loan is essential for any UK business that has a HMRC Corporation Tax bill to be paid.
Essentially, a bank will make a loan to a company for the specific purpose of paying a HMRC Corporation Tax bill.
The Process
The process of applying for the loan is quick and simple. We will need some information from you such as your company accounts, potentially management figures and your last three months bank statements.
Once you have signed the simple and easy to read loan document, we process the information. Then we arrange for HMRC to be paid directly from the bank using your unique tax reference.
Our funders have undertaken thousands of these Corporation Tax loan agreements in the past, so it is all perfectly acceptable with HMRC.
You then make a regular loan repayment until the loan is repaid in full. You can pay over a term of three months up to ten months, depending on what you would like to do. Normally, the repayments start a month after HMRC have been paid.
Why get a Corporation Tax Loan?
It breaks up your bill into monthly fixed instalments and allows you to keep your cash in the business.
This loan will not affect other funding such as an overdraft or other loans / leases you may have. We use several specialist tax loan providers. Hence, existing lines of credit remain intact.
For some companies, the other option is to negotiate repayment terms with HMRC. They will still add on interest, and this could have other implications on your company. Most organisations in the UK would just prefer to pay the tax bill and not have the pressure of agreeing a repayment plan with HMRC.
Ultimately, your Corporation Tax bill will always be paid on time and in full.
Corporation Tax Loans Calculator
You can also use our free Corporation Tax loan calculator to get an indicative quote. Simply fill in the information, and a member of our team here at VAT Loans will be in touch within 24 hours.
We also provide finance for several different loans which include VAT Loans, Professional Indemnity loans and working capital loans. This also includes professions loans, equipment loans, dilapidation loans and insurance loans.
