Most scaffolding companies we speak to about leasing for their kit, are not aware that we can also offer VAT loans. It’s not a new product / our loan service, but it is a product that seems to be growing in interest. Read on for more information on how we can organise a VAT loan for your scaffolding company.
Why would a scaffolding company need a VAT loan?
Your scaffolding business has raised invoices over the last quarter. Some of your customers would have paid, but almost certainly, there will be a few that are still outstanding.
Add into this the winning a few new contracts coupled with buying or hiring more scaffolding kit, before you know it, there is not the money there to pay the VAT bill. It’s not that your struggling, it’s more often the complete opposite!
It’s often scaffolding companies that are doing well that need a VAT loan!
If you are not raising any invoices there will not be a VAT liability, hence no need for a VAT loan. We speak to loads of scaffolding companies that are talking to us about a VAT loan. They are often very successful and large companies. One scaffolding company we were speaking to recently was looking for an £800,000 loan facility to cover their quarterly VAT liability.
How does a VAT loan work for a scaffolding company?
Getting a VAT loan is normally quick and simple. What we will need from you:
A VAT statement saying what is due to HMRC
Your latest audited accounts (maybe management accounts)
We will give you a free no obligation quote telling you exactly what the repayments will be.
Then we get a credit approval and email you a loan document to be signed.
We / our finance company will pay HMRC directly
You make repayments back over the VAT loan period