Time is of the essence: when do you pay your tax bill?
18 January 2017
Last month, we asked businesses the question, ‘How do you pay your self-assessment tax bill?’ But with just under two weeks left until the tax deadline (on 31st January), we now want to know, when do you pay your bill?
Time is of the essence
Businesses that are required to pay their tax bill will need to consider the best time to make the payment, in order to support their cash flow and business goals. Failure to pay on time can result in penalties (starting at £100 if one day late and rising the later the payment is made), which could have an impact on the money available to your business.
In 2016, Gov.UK declared that over half a million returns were completed on 29th January, just two days before the deadline. Although this figure was a positive step for the HMRC, they revealed that many still did not complete on time – often detailing unusual excuses for late or none payment.
How can LDF help you to pay your tax bill?
Typically, most smaller businesses will ask their bank for the money, or use their own funds to pay. However, with 45% of smaller businesses unsuccessful in obtaining finance, and large upfront payments damaging business development and cash flow, alternative finance is now a real option for UK business.
An LDF Tax loan eliminates bank bureaucracy and provides a smarter option for you to cover the cost of your tax bill over 6, 10 or 12 months. Our loans can support your business, even if you have already paid your tax bill.
The benefits of an LDF Tax loan include:
- Receive finance the very same day
- Monthly and quarterly repayment options available
- Sign loan documents online for a quick and easy application
- Money can be paid directly to the HMRC or into your bank account