As the latest tax deadline approaches, David Angus, Sales Director at Braemar Finance outlines the benefits of a Tax Loan.
Every tax season brings its own challenges but fortunately Braemar Finance offers a Tax Loan option, and with most businesses adversely impacted by COVID-19, managing cash flow is more critical than ever.
Available to individuals and businesses, a Tax Loan helps you take control of your cash flow spreading the cost of any tax liability into manageable monthly payments.
What are the benefits of our Tax Loan?
Paying a lump sum to HMRC to settle a tax liability could have a severe impact on your cash flow. As this is normally a recurring expense, a Tax Loan enables you to manage your cash flow by spreading the cost of your tax bill into more manageable monthly payments, whilst avoiding any HMRC penalties and daily interest charges for late submission.
How much can I borrow with a Braemar Finance Tax Loan?
All Braemar Finance loans, including Tax Loans, can be for £1,000 upwards
Who can apply for a Braemar Finance Tax Loan?
Our Tax Loans provide an unsecured facility available for individuals and businesses in the professional services sector including dentists, vets, opticians, medical professionals, accountants and the legal sector.
Who makes the payment to HMRC?
Once your loan is agreed and signed, we can pay HMRC directly on your behalf or transfer the funds to your nominated bank account by a Faster Payment transfer.
What repayment terms are available?
We are committed to supporting you through all economic cycles and have extended the repayment terms for Tax Loans up to 24 months for those that need extra time to repay.
What types of tax can you help support with a Tax Loan?
Our Tax Loans cover a wide range of tax needs for individuals and businesses in the professional services sector, including personal, business, corporation, capital gains and cross-over tax demands. We will also consider consolidation of existing agreements.
How do I apply and what is the application process?
The application process itself is very simple and our dedicated team of experienced account managers will provide guidance and manage this process for you. Our account managers are regionally based providing a local and personalised service. We are a direct lender meaning that our in-house specialist underwriters can provide a quick decision. As a responsible lender we would want to ensure that repayments on any loans are affordable.
Can you liaise with my accountant to put a loan in place?
Yes, with your permission and consent we will happily work with your accountant or financial advisor to put a suitable facility in place. This is quite usual and helps you focus on your business while we focus on getting the facility approved for you.
What other forms of lending do you do?
We continue to support the professions with lending and finance products such as Hire Purchase and Leasing alongside our general loan products which can be for business purposes other than tax. This could include practice fit outs, cash flow, business acquisitions, partner buy ins or general equipment purchases.
Find details of the local representative who can help you with your application and any other queries on our products or services.