Loan Amounts and Funding Terms
Loan terms between 3 months and 1 year with fixed monthly payments
Loan amounts over £2,000
Are you looking to fund a HMRC tax bill over £2,000?
Are you a UK registered business?
Have you been trading for more than 12 months?
Income Tax Loans
An income tax loan is a type of business loan used to pay income tax bills and reduce the impact of penalties due to late or non-payment of HMRC tax bills.
Spreading the cost of a tax bill by using a tax loan or funding facility can improve company cash flow, which in turn allows for increased growth, expansion and competitiveness.
We assist companies and borrowers with online applications to increase their spending power by obtaining the best funding options and facilities, quickly and efficiently, whilst ensuring your company requirements are fully catered for.
Obtaining income tax funding has never been easier with simple online applications and funds within 48 hours.
How to apply for an income tax loan?
Fill out our application form in less than 5 minutes
Your application will be allocated to your dedicated case manager
Your case manager will be in touch within 4 working hours
They will collect all required documents to process your application
You will receive a decision within 48 hours in most circumstances
You will receive your funds within 48 hours of acceptance in most circumstances
The Benefits of Income Tax Loans
Flexible Terms and Borrowing Amounts
Income tax loans are available over 3 months to 1 year terms.
Borrowing amounts are restricted to the value of your HMRC tax bill, as well as your financial health and credit rating.
All proposals are subject to full underwriting & acceptance.
Speed of Approvals
Income Tax Loans applications and approvals are relatively quick to process.
With no need for charges on assets or debentures, decisions are made based on you meeting the lenders eligibility criteria.
Many lenders will approve applications within 24 hours, provided that all the required documents are provided at the time of application.
As you are not using security or collateral when making the application there is less paperwork that needs to be completed.
In order to apply you only need to supply your HMRC tax bill, latest 3 months bank statements and last filed accounts (for limited companies), along with proof of identity.
No Risk to Assets*
Loans on an unsecured basis do not use collateral as part of the credit agreement, meaning your assets are not at risk in the first instance. Instead the loan is approved on the basis of the value of the fees being purchased, financial health and credit rating.
*In most cases a personal guarantee is required to secure the finance to protect the lender in the event of a default. Luckily, there are a range of personal guarantee insurance products available for businesses using unsecured finance.
As a versatile funding solution, income tax loans are a short term loan designed to allow you to pay your tax liabilities without negatively impacting on your current cash flow.
Income tax loans can enable your company to;
- Avoid the potentially costly HMRC penalties for late payment
- Increase spending and investment in other areas due to improved cashflow
- Benefit from fixed monthly payments allowing you to spread the cost of you bill
RLA Capital can offer specially tailored facilities for income tax loans designed to help your company manage its cash flow more effectively.
View our full range of business finance facilities here
Frequently Asked Questions
Yes, you can finance your tax bill up to 1 month after you have paid it.
Yes, you can finance your tax bill up to 1 month after it was due.
HMRC Time to Pay
What if I can’t pay my VAT Tax bill on time?
There are times when business and individuals struggle to pay their VAT and tax bills on time for a variety of reasons. This may be due to unexpected costs, reduced seasonal income or lack of general cashflow to name a few.
When a Vat or Tax bill is due HMRC will expect you to pay it straight away if they think you have the financial means to do so.
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Making Tax Digital comes into force in April 2019
As most of you are aware Making Tax Digital comes into force in April 2019. The majority of businesses with UK taxable supplies in excess of £85k per annum will be caught by MTD.
‘UK taxable supplies’ means all income that has a UK place of supply and is subject to UK VAT at the zero, reduced or standard rate.
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Quick Business Loans | Can you get same day business finance?
Quick business loans can be an important source of capital for any small business.
Same day approvals and payouts depends on:
- Time of day you apply
- The lenders case load
- Whether you correctly submit all required documentation
- The lender does not request any additional information
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