Tax Bill or Tax Demand?

Tax Bill

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You may already know this, however, many people remain unaware that HMRC no longer accepts card payments.
This applies to both personal and business tax – You can no longer pay your Tax bill or Tax demand, nor NI Contributions using a credit card. The thought process is that “if you need to pay tax upon earnings, you have already earnt the money, therefore there should be no need to borrow it”.

However, although you can’t borrow on credit cards, you are still allowed to borrow, or capital raise, using personal or business loans.

Here are a few solutions to consider:

Regulated Second Charge, Third Charge, or Equity Loans

  • There is a massive choice of up to 100% of your property value – even with a little adverse, such as missed payments or other minor credit issues
  • Interest rates start at around 3.5% and depend upon your personal circumstances
  • Heavy adverse such as CCJ’s and recent mortgage or loan arrears are considered at up to 75% of your property value
  • Proof of the affordability of borrowings will be required but there are lenders available with no Loan-To-Income cap, and those who take a sympathetic view on contractors, benefits, etc.
  • Loans are available for both personal and/or business tax demands or bills

Unregulated Loans

  • Some lenders will make an advance to a business and secure the loan upon the main residence
  • Start-Up loans or poor trading accounts – Some lenders will consider using your cash flow forecasts
  • Some lenders will lend without equity or, indeed, will consider lending on a totally unsecured basis, even with adverse credit if the story makes sense
  • We have numerous lenders covering specific different geographical areas in the country – Ask us what’s available in your area

When borrowing over more than one year to pay a tax bill, perhaps you should ask yourself “what’s the plan for next year?” so that you don’t dig an even deeper hole with HMRC.

Taxes are unavoidable, and poor planning of payment can cause enormous strain upon you, your family, or your business – Watch out for tips we will be providing in further articles.


You may wish to read this article too: A Reduction in Outgoings  



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