Finance A Corporation Tax Bill

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Spread costs rather than pay one lump sum

Can I finance my corporation tax bill?

Yes, it is possible to finance your corporation tax bill in the UK. There are several loan options available to businesses that need to manage their cash flow and spread the cost of their bill over a longer period. Cashflow is crucial for SMEs, if your business has not correctly predicted its bill and put the right amount of cash aside, or you need the working capital for something else, finance from Portman can be a good option. You can spread the cost of both Corporation Tax bills and VAT Tax Bills.

Just Launched Through Portman – Spread the cost of a tax bill with a competitive short-term facility. Borrow £10k to £150k over 3m (VAT only) to 12m on Annual Flat Rates from 9.6% with no deposit required.

How do I finance my tax bill?

Expert Guidance for Corporation Tax with Portman

We know that finance can sometimes be confusing and stressful, but what we do is simple.

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1. Get started in 1 minute.

Take 60 seconds to submit our online form and enquire without affecting your credit score.

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2. Understanding your business.

A dedicated account manager will call to discuss your needs and collect documentation.

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3. Our experts do the leg-work.

We explore your options, approach specialist lenders, find the right deals, complete applications on your behalf and get you a no obligation quote.

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4. Your no-fuss finance is funded.

If accepted, funds will be quickly released to your account.

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How do I get finance for my corporation tax bill?

Portman can provide loans specifically to pay tax bills, including corporation tax. You’ll make affordable monthly repayments of the loan value plus an amount of interest, with rates based on factors including the borrowing term, your business assets and your trading history.

Your options include a business loan, short-term loan or flexi-loan. Given that Corporation tax bills are annual, we would typically suggest a loan term of 12 months or less. Our Account Managers will understand what’s right for you.

Start by completing our Enquiry Form. One of our Account Managers will then give you a call to discuss your business and your needs. Once you have sent us relevant documents, we will source the most appropriate finance. After accepting, funds can be paid into your account very quickly. It’s possible for the whole process to take less than 24hours.

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Do HMRC offer options?

HM Revenue and Customs (HMRC) do offer Time to Pay arrangements. This allows businesses to spread the cost of their tax bill over a longer period, typically up to 12 months.

Interest and penalties may still apply, and your business will need to demonstrate that they are experiencing financial difficulties, being unable to pay your tax bill in full by the due date. HMRC can issue liquidations and winding-up orders if your tax bill becomes significantly overdue, so it is prudent to plan ahead and pay on time. If you file your tax return late, you may be subject to penalties and interest charges. Find out about HMRC late payment charges.

What is Corporation Tax?

Corporation tax is levied on the profits earned by companies and organizations that are registered in the United Kingdom. The tax applies to both UK-resident companies and non-UK resident companies that have a permanent establishment in the UK.

From 1st April 2023 the corporation tax rate increases from 19% to 25% for businesses with larger turnovers. This rate is subject to change, as it is set by the government and can be adjusted in the annual budget. Find out more about the UK’s Corporation Tax structure.

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When is my Corporation Tax bill due?

Your corporation tax bill is due 9 months and 1 day after the end of your accounting period. As firms typically end their financial year at the end of March, June, September or December, corporation tax bills are due to be paid by 1st Jan, 1st April, 1st July or 1st October respectively.

For example, if your company’s accounting period ends on 31 December, your corporation tax bill for that period will be due on 1 October of the following year (i.e. 9 months and 1 day after the end of the accounting period).

It’s a good idea to plan ahead and ensure that you have the funds available to pay your corporation tax bill on time. If you feel you may have a shortfall or would prefer to spread the cost of the bill rather than take a lump sum from your cash reserves then finance If you are unable to pay your tax bill on time, you should contact HMRC as soon as possible to discuss your options.

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Should I finance my Corporation Tax bill?

Whether or not to finance your corporation tax bill is a decision that depends on your specific financial situation and business needs.

If you prefer to spread the cost of your tax bill over a longer period, financing your corporation tax bill may be a viable option. This can help you avoid late payment penalties and maintain good relationships with HMRC. Portman will work with you to help you understand the costs associated with financing and ensure that you can afford the repayments.

Portman can also help you spread the cost of your VAT bill.

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Why Choose Portman Finance Group?

At Portman, we are proud to offer a personal and professional service. Plus, since 2007, we have sourced over £1 billion in funding for more than 15,000 UK businesses. 

You’ll love working with us because;

  • We compare the market through a panel of lenders
  • We help fund sectors and assets that others find difficult
  • We take time to understand your business and secure the right loan
  • We can source funds from multiple providers to get what you need
  • We will do our best to help even if you don’t have a strong credit history
  • We promise you will have one point of contact from start to end
  • We provide solutions quickly, sometimes within hours

Want to know more? Don’t hesitate to contact Portman today.

Our experts can find the right funding for you.

Find out how we can help today.

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