Blog

Where you can get help paying your tax bill

Date 6th March 2018 //
Author Steve Pope
Computer, Electronics, Laptop, Pc, Person
Alternative business funding, traffic light, icon

Find your business
funding

£
Enter a funding amount between £500 and £50,000,000.
Please indicate what you need the funding for.

With the end of the tax year fast approaching business owners are looking for short-term finance to settle their bills. ABF has seen a spike in the number of SMEs looking for help.

"We have a number of lenders who can not only provide the funding required to pay these tax bills but can get the funds in place quickly to take the pressure off," said ABF Business Development Manager John Evans.

HM Revenue and Customs has outlawed using personal credit cards to pay off tax liabilities.

The move, in response to new EU rules preventing HMRC from passing on bank charges for processing credit card payments, could have a major impact on small businesses and the self-employed.

SMEs, and those who work for themselves, often pay by credit card to spread the cost of a large tax bill.

Debit cards and corporate credit cards can still be used but some small business owners are looking to short-term finance or borrowing to get them through the pressure on their cash flow.

"The end of the tax year is fast approaching and business owners might have forgotten about the changes preventing them from paying their tax bill with their personal credit card," said John.

"We are already getting enquiries from business owners asking about the short-term finance that is available and expect to see these enquiries increase as we get into the second half of March."

The Financial Times reported that personal credit card payments worth £741 million were made to HMRC in the tax year 2016-17, generating around £3.2 million in bank charges.

John said: "Do give us a call and to speak to me and the team about the options available for your tax funding or, for that matter, any other business funding requirement."

Alternative business funding, traffic light, icon

Find your business
funding

£
Enter a funding amount between £500 and £50,000,000.
Please indicate what you need the funding for.
Related Articles
Text, Building, growth street

British businesses can no longer rely on their bank for an overdraft

Whether you run a seasonal business that makes most of its sales at one point during the y...

LEARN MORE
Machine

What your business needs to know about Making Tax Digital for VAT

The world of business taxes can be a confusing one, and as a result, it's easy to make mis...

LEARN MORE
triodos bank uk, Bag, People, corporation, finance

Funding can match your values

With the UK reportedly spending over £83bn on ethical goods annually, there is increased ...

LEARN MORE
business protection, brexit, questions, impact, small businesses

How can your business protect itself from Brexit?

In the two years since the UK voted to leave the EU, Brexit uncertainty has rippled throug...

LEARN MORE