With Corporation Tax season reaching full momentum, Premium Credit is outlining how paying tax bills in instalments is a strong option for many businesses. It provides a more convenient way for credit brokers’ customers to meet their tax bills and to pay on time, avoiding HMRC late payment penalties which are increasing to 9% following the last Budget.

Spreading the costs of tax bills
Independent data from the Premium Credit Tax Index finds that around one in three (31%) interviewed would consider spreading the cost of tax bills for a small fee regardless of whether they struggle to pay their bills.

Making tax bills a manageable, monthly outgoing rather than a single, large annual lump sum payment can assist businesses by freeing up cash reserves and helping them perform better.

Richard Crossland, Head of Tax, Premium Credit Specialist Lending comments: Credit brokers partnering with Premium Credit can facilitate flexible payment solutions for their customers’ Corporation Tax, VAT and self-assessment payments. This gives scope to spread the cost of a range of tax liabilities over a year. Paying in monthly instalments is an easy, straightforward, and cost-effective process. It’s not only a valuable service to credit brokers’ customers but also provides income for brokers too.”

Premium Credit’s tax products directly fund HMRC billing, allowing businesses to compliantly pay their bills in full and on time, making financial planning easier and safeguarding their cash flow. It provides a strong option for companies looking to maximise their income.

To find out more, please visit: https://www.premiumcredit.com/products/tax-and-vat