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Self Assessment Loans Explained

What are Self Assessment Loans?

Self assessment tax bills can be a significant outgoing for sole traders and partnerships every January and July. This often has a negative impact on cashflow, inhibiting their operation and delaying business growth.

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

With a Self assessment loan, you could settle the bill with HMRC, and then repay the loan over a fixed period of time. This enables you to retain capital in your business while making manageable monthly repayments in line with your budget.

Contact our team to discuss managing your self assessment bill through a fixed-rate loan.

Self-assessment loans in action

How does a self-assessment loan work?

  • Complete your self-assessment return to calculate the amount due to HMRC.
  • You can then submit that amount to us and we will source competitive finance options for you to allow you to spread the cost.
  • We'll secure an agreement to finance from one of our specialist funders who will pay HMRC direct. 
  • Your then make regular, fixed payments to the funder over time to settle the balance. 
  • The capital retained within your business can then be used to help grow the business.
  • 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.

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Self-assessment loans and tax returns - A tax returns sheet placed next to a cup of black coffee, symbolising the association between self-assessment loans and tax preparation.
Pros and cons of self-assessment loans

Why use a self-assessment loan?

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 loan deadlines

Self-assessment tax returns and payments have specific timeframes and deadlines that must be met. These are as follows:

  • Tax return filing deadline: The deadline for submitting a self-assessment tax return is 31st January each year. This deadline applies to the previous tax year, which runs from 6 April to 5 April.
  • Payment deadline: The deadline for paying any tax owed for the previous tax year is also 31st January.
  • Penalty for late filing: If you miss the tax return filing deadline, you will be subject to a fine. The amount of the fine depends on how late the tax return is filed, but it can be substantial.
  • Penalty for late payment: If you miss the payment deadline, you will be charged interest on the outstanding amount. In addition, you may also face penalties for persistent late payments.

It is important to be aware of these deadlines and to take action to meet them.

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What to do next...

How to apply for a self-assessment loan

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

Need to pay your self-assessment bill?

Spread the cost with a self-assessment loan.


Frequently Asked Questions

What is a self assessment tax return loan, and how does it differ from other types of loans for organisations?

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.


How can a self assessment tax return loan help me manage my cash flow and meet my tax obligations?

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.


What information do I need to provide to be eligible for a self-assessment tax return loan, and how does the application process work?

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.


Are there any eligibility requirements for self assessment tax return loans, such as minimum credit scores or revenue thresholds?

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.


What are the typical repayment terms and interest rates for self-assessment tax return loans, and how does this compare to other financing options?

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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