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.
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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.
Self-assessment loans are typically unsecured loans, which means that they do not require collateral and are based on the borrower's creditworthiness. They can be used to cover the cost of a tax bill, as well as any penalties and interest charges that may apply.
You would 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.
Self-assessment tax returns and payments have specific timeframes and deadlines that must be met. These are as follows:
It is important to be aware of these deadlines and to take action to meet them.
At Bluestone, we understand that applying for a self-assessment loan can be a daunting process, especially if you're unfamiliar with the requirements and criteria. That's why we're here to support you every step of the way.
Our team of finance experts have years of experience helping individuals like you secure the funding they need to cover their self-assessment tax bills. We'll work closely with you to understand your specific requirements and provide you with a range of financing options tailored to your needs.
Contact us today to learn more about how we can support you with your self-assessment tax bill, or you can email our Commercial Loans Specialist directly at james.lewis@bluestone.app.
A self assessment tax return loan is a loan specifically designed to help business owners manage their cash flow and meet their tax obligations. It is a short-term loan that is usually repaid within a year, and it is based on the expected amount of your tax return. This type of loan is different from other types of loans for organisations in that it is specifically designed to help you manage your tax obligations, rather than providing long-term funding for your operations.
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A self assessment tax return loan can help you manage your cash flow and meet your tax obligations by providing you with the funds you need to pay your taxes on time. This can help you avoid penalties and interest charges that may result from late or missed payments, and it can also help you maintain good standing with the tax authorities.
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To be eligible for a self assessment tax return loan, you will typically need to provide information about your organisation, including your tax return information and financial statements. The application process for a self assessment tax return loan is typically straightforward and can often be completed online or over the phone.
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The eligibility requirements for self assessment tax return loans can vary depending on the lender and the type of loan, but typically, you will need to have a good credit score and stable business revenue to be approved. Some lenders may also require that you have been in business for a certain time and that you have a positive business history.
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The typical repayment terms for self assessment tax return loans are usually between 6 and 12 months, and the interest rates can vary depending on the lender and the loan amount.
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We know finance can be complex and often it's easier to talk things through. Drop us a message or give us a call 0330 135 8660 and we'll get back to you ASAP.
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