As a valued customer, who already benefits from our services, we thought you would be interested in finding out more about how to obtain finance to help you spread the costs of your VAT bills, particularly given the very challenging trading conditions we face today.
Key advantages:
Value Added Tax (VAT) loans give you the possibility to spread the cost of your VAT bills over 3 months. Simply put, they are short-term business loans that give you the flexibility and some breathing space.
There are alternative funding options on the market such as business loans, invoice financing or merchant cash advances that may have more flexible repayment terms and lower interest rates.
How does it work?
Our chosen funder will pay HMRC directly on some occasions allowing you to pay the loan plus fees over 3 equal monthly instalments rather than having to pay the bill in one supporting your cashflow.
What are the exact charges if the VAT is submitted late?
- between 16 and 30 days overdue = 2% on VAT you owe at day 15
- up to 15 days overdue = no penalty
- The fee will be a percentage charge of the outstanding amount you owe to the HMRC
- 31 days or more = 2% of outstanding at day 15 plus 2% on what is still outstanding at day 30
You can find more information on your tax return liabilities at https://www.gov.uk/submit-vat-return
To discuss the options available to you, get in contact with one of our specialist finance brokers today for a free consultation
