As a leading UK funder of tax payments, Premium Credit is helping achieve growth for its credit broker and accountant partners as they support more business customers looking to spread the cost of their corporation tax liabilities.
With the backdrop of a corporation tax rate rise earlier this year, many business owners are finding it hard to meet their tax bills. Results from Premium Credit’s 2023 Tax Index indicate that around 10% of the UK’s 5.5 million SMEs say they are struggling to pay tax bills.
Firms are increasingly having to consider alternative strategies such as cutting jobs or bringing in new investors to help them meet their tax liabilities. Further data from the Index shows nearly one in eight SMEs say they have missed tax payment deadlines in the past year.
Businesses looking for greater financial freedom are increasingly spreading the cost of their tax bills which can be achieved for a small fee through Premium Credit’s finance facility. This option helps them to pay bills on time and improve cash flow when it is needed.
Karl Leitelmayer, Sales Director, Premium Credit (Tax) comments: “Businesses are having to be resilient in difficult trading conditions and are looking for ways to help improve cash flow. Spreading the cost of corporation tax over monthly payments rather than having to pay in one annual lump sum is a strong option to help alleviate this issue helping keep cash reserves available for use as additional working capital.”
Customers of credit brokers and accountants with a tax bill over £10,000, can apply for this credit facility. There are no application or arrangement fees for using the service, just a small transaction fee which is added to the invoice amount.
A simple application makes the approval process straight forward.
For more information, please visit: https://www.premiumcredit.com/products/tax-and-vat