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Factsheet Summary

Spread the cost of your annual self-assessment tax return

  • Paying your self-assessment tax bill.
  • What is a self-assessment loan?
  • How does it work?
  • A finance illustration.

Pay your self-assessment tax bill monthly

In January and July each year, the Self Assessment fee can be a significant outgoing for sole traders and partnerships. This often has a negative impact on cashflow for many businesses, inhibiting their operation and delaying their growth.

What many do not realise, however, is that this doesn’t have to be the case.

With a Self Assessment loan, you could spread the cost of your tax bill over time enabling you to retain capital in your business while making manageable monthly repayments in line with your budget. Read on to discover more about Self Assessment loans.

What is a self-assessment loan?

A Self Assessment loan provides the cash you need to pay your fee by the relevant deadline. You then make repayments on the loan over 6, 10, or 12 months so you can align the repayments with income and manage finances more effectively. The capital retained can be used to operate and/or invest in the business.

Income and other outgoings are normally budgeted monthly so spreading the cost of self-assessment can help cashflow, align the outgoing with income and enable you to manage finances more effectively. The capital that you retain can be used to grow the business.

For LLP members or Partners who are taxed individually on their share of the firm's profits, a self-assessment loan can be taken out by the firm to spread the cost, aligning it with other business outgoings and income.

How does it work?

  1. Your partners complete their self-assessment and you collate the combined amount due to HMRC.
  2. You can then submit that amount to us and we will source the most competitive finance option for you to allow you to spread the cost.
  3. We'll secure an agreement to finance from one of our specialist funders who will pay HMRC direct.
  4. The payments will then be made by the firm to the funder over time top settle the balance.
  5. The capital retained within the business can then be utilised for other means to help grow the business.
  6. The funder will need an HMRC statement confirming all outstanding tax liabilities at least 7 days prior to the due date to ensure payments are made to HMRC on time.

In some cases, even if you have already made the payment to HMRC, we may be able to secure finance for you retrospectively if you contact us within 14 days of making the payment.

A finance illustration

Based on a £50k self-assessment loan (please note this is for illustrative purposes only and individual circumstances differ.)

  • 12 monthly repayments of £4,492.20pcm = Total Repayable: £53,906.40
  • 6 monthly repayments of £8,760.43pcm = Total Repayable = £52,562.58


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