Taxes are an inevitable facet of life for both businesses and individuals, with things like VAT, corporation tax, PAYE, National Insurance and income tax payable on an annual basis. However, the predictability of these bills doesn’t make things any easier – your tax liabilities can put serious stress on cash flow and leave you struggling to ensure other areas of your business continue to thrive. When you fall behind on any kind of tax payment, HMRC will usually let you know via a letter, and you’ll have a short period of time (typically seven days) to make the payment. If that feels impossible, don’t fret – the good news is that there are plenty of alternative options available, and seeking out a loan to pay your tax bill will likely help you breathe a little easier.
How Can You Borrow to Pay an Outstanding HMRC Tax Bill?
Although it might feel like the walls are closing in when you get that letter from HMRC, it’s essential to keep in mind that you have options. HMRC itself offers a Time to Pay arrangement (TTP); however, this is limited to specific scenarios and amounts, and is not always available to set up online. Another solution is to secure a short-term business loan (some lenders even have dedicated tax and VAT loan products), which will allow you to spread the bill over a more manageable timeframe, with bite-sized amounts that ensure you can keep your cash flow stable.
What can I do if I owe HMRC money?
If you owe HMRC money, you must pay the bill as soon as you can to avoid any penalties or interest. The HMRC penalties for late payments, late filing and other delays or omissions can be severe and potentially lead to further financial trouble, which is why you should make paying any tax bills a priority.
Can’t pay? See if you’re eligible for a manageable short-term tax loan without affecting your credit score here.
Can I get a loan to cover my HMRC tax bill?
Yes! You can secure a loan to pay your HMRC tax bill, and it’s actually one of the more common financial products used by businesses today. White Oak UK is an expert lending leader in this field, helping businesses eliminate the headache of unwelcome bills and potential penalties.
HMRC doesn’t prohibit third-party loans, which means you can work with us – or another lender of your choice – to pay your tax bill. Whether you need help with PAYE, VAT, corporation tax or a self-assessment bill, we can step in where TTP falls short. Offering access to funds between £5,000 and £2m, our terms can make things more comfortable and give you a clear repayment plan that suits your schedule. Our fast and flexible system ensures the funds can be unlocked in a matter of hours, meaning you can become compliant pretty much overnight.
How to apply for a tax debt loan online in the UK
Applying for a tax loan online is remarkably easy, and many lenders have simplified the process with modern-day business owners in mind. We know you haven’t got hours to waste digging out paperwork and jumping through bureaucratic hoops, which is why we only ask for the essentials. During the application process, you can expect to provide:
- Latest accounts
- VAT filings
- Business summary (who’s who) and an outline of your business plan
- Proof of previous trading history and profit margins
Got all that to hand? Begin your application process online now.
Once you’ve submitted the above, our case managers will be instantly assessing what we can do for you, bringing same-day decision-making to the table in order to eliminate stress and empower you to make the best choice for your business. We may need to call you for a quick chat, but once we’ve hashed out the important details like interest and repayment terms, the funds will be wired to HMRC (or to the business), and you can breathe easy again.
Top lenders offering loans for tax debt
There are countless lenders offering loans to pay tax debt, which puts the ball comfortably in your court. You can make a decision based on what’s best for you, not based on the all-consuming stress of simply getting a bill paid. What’s more, we collaborate with many other organisations within the industry, meaning that if we don’t have something suitable, we will be able to connect you with someone who does. Allow us to act as either your direct lender or a trustworthy broker who will walk you through the jargon and have your back when it comes to getting what’s best for your business.
Want to get more of an idea as to how we’ve helped others? Take a look at our previous customer stories and our reviews on Feefo – where other business owners and professionals just like you have rated us excellent.
Discover short-term loans to pay tax debt from White Oak UK
Thanks to our record-breaking same-day decisioning and unrivalled flexibility, White Oak UK is uniquely placed to help UK businesses needing a loan to pay tax debt. We’ve got a wealth of options available at our fingertips, and we are always on hand to help businesses of all shapes, sizes, and sectors. Allow us to do the legwork for you and wipe out that tax bill. You can opt to have the funds sent directly to HMRC or deposited into an account of your choice, which will enable you to portion the money between essential business spending and your tax bill.
It’s as simple as getting in touch with us today – but if you’d rather get an idea of exactly what you’ll be eligible for beforehand, you can use our easy online eligibility checker (which won’t affect your credit score) for instant answers.
Happy to go ahead and explore what’s on offer in terms of loans to pay your tax bill? Give us a call on 0333 014 9000.
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