Corporation Tax Funding
Running a business comes with a lot of responsibility and one being to pay your tax bill. However, the timing of this bill landing on your desk can be inconvenient. If you are in a position where you are unable to pay for your bill, corporation tax funding is the solution for your business. Spread the cost of your bill in 6- or 12-month repayments.
What is corporation tax?
Corporation tax is the amount of income earned through trading – from asset sales and other taxable events throughout the tax year. You will receive a tax bill if your business is:
- A limited company
- A member’s only club
- A trade association
- Housing association
- Or a group of individuals operating as a business outside a partnership.
Currently the rate for UK corporation tax is 19%, which also applies to any overseas companies who are based in the UK. HM Revenue and Customs calculate your bill, which is usually due 9 months after the businesses accounting year finishes.
It is important to pay your corporation tax as there are some hefty penalties. Some so drastic that if your bill is extremely high your business could be forced to liquidate!
With cash flow constantly increasing and decreasing, it is always best to put a lump sum aside to meet the tax bill requirements. However, there are unexpected costs that incur, so it can be difficult to set some much cash aside.
Corporation tax funding is a stress-free funding solution, where you apply for a loan that will cover the cost of the bill.
What are the benefits?
- Cash flow – Control cash flow with manageable monthly payments.
- Fast Payment – Payment can be made directly to HMRC who will then receive the money on time.
- Alternative funding lines – No need to use up an existing bank facility.
- Fixed monthly payments – Easy fixed repayment schedule with fantastic rates.
- Approval within 24 hours – WestWon prides itself on fast and quality customer service.
Use our corporation tax funding calculator to work out what your monthly repayments could be.
For more information call 01494 611 456 or enquire online. We will be in touch with you shortly.