Every year, as master finance brokers we get inundated with successful business owners who have experienced just this and need to raise capital quickly to cover their Corporation Tax bill. As such, we have become extremely adept at solving this using various methods. So let’s look at just a few ways we can help:-
Any tangible asset can be used by the business to raise Asset Finance, commonly, we see vehicles, machinery, industrial plant, IT equipment and construction equipment among others things used to secure the funding needed and with same day decisions and funding in 48 hours, it’s not hard to see why asset finance is proving to be such a popular solution. Asset Finance offers the following benefits:-
- Low interest rates.
- High loan to asset value.
- Very strong acceptance rate.
Invoice Finance uses outstanding invoices to free up cash for whatever purpose is necessary. Obviously, in this case, the funds could be used to pay the outstanding tax liability. Many people often avoid invoice finance for fear of tying themselves into a long-term agreement. When looking at a one off event such as this, a one-off invoice finance agreement
can be raised against either one or several invoices with no ongoing liability to continue with the facility. Funds can again be released in as little as 48 hours, with up to 90% of the invoice often available and flexible terms often offered.
For more information on invoice finance, why not check out our previous blog on invoice discounting vs invoice factoring.
Unsecured Business Loans
Unsecured business loans have become much more widely available in the last few years, but the increased choice can be confusing with so many offers out there and so little tangible information on criteria, and interest rates. Unsecured business loans, when used correctly can be a quick and effective way to raise capital where there are no major assets, no invoicing, but a fundamentally strong organisation.
The Bottom Line
However daunting it might be when facing a funding shortfall with a tax bill due, there are several solutions available. We’ve only covered the basics here, but with everybody’s circumstances being different, there’s no ‘one size fits all’. Get in touch with us today and we’ll be happy to discuss your options and help take the stress out of the situation with expert advice. You can reach us on 0800 088 6008 or by clicking here.