Help reduce the impact of self-assessment tax bills – spread the cost

Authored by Premium Credit

Premium Credit is offering an instalment solution for credit brokers’ customers needing to pay tax bills during the current self-assessment season.

Payment of self-assessment and wider tax obligations remains a significant financial drain for many businesses and their directors. Data from the 2024 Premium Credit Tax Index shows one in seven (14%) have found it challenging to pay a tax bill in the past 10 years.

Meeting the cost

Savvy firms are increasingly spreading the cost of tax bills to better manage cash flow. By paying tax invoicing over time through Premium Credit’s instalment solution, businesses and their directors can avoid sudden cash flow crunches and maintain stability in their operations.

Additionally, spreading the cost allows businesses to better plan and budget for their wider financial obligations, and avoid the risk of late or missed payments and potential penalties from HMRC.

Flexible payments for credit brokers’ customers

Making tax bills a manageable, monthly outgoing rather than a single, large annual lump sum payment can significantly help businesses to perform better enabling capital to be spent in other business-critical areas.

Key features – Premium Credit payment solution:

Premium Credit finances tax bills from £10k to £15m deal values (few funders can accommodate business of this size)Monthly repayment option for clients of 6, 10 or 12 months (VAT is 3 months in line with the next VAT payment)Premium Credit pay HMRC directly or provide a reimbursement if the client has already paidNo Personal Guarantees needed up to £150kFunding is always unsecuredSimple processesA revolving credit agreement ensures smoother renewals, creating a recurring revenue model for credit brokersNationwide coverageCompetitive pricingCommissions available for approved credit brokers

Karl Leitelmayer (pictured), Sales Director, Premium Credit Specialist Lending comments: “Spreading the cost of tax bills over a year for a small fee helps companies and directors to plan more efficiently and avoid any risk of fines or penalties which can be crippling for a business that is already struggling to meet its tax obligations. The self-assessment payment window is about to close for many, it’s important to act now!”

Premium Credit provides a practical way for credit broker customers to spread the cost of their tax bills whilst providing an additional income stream for brokers.

To find out more, please contact the Premium Credit team on 0207 191 2079 or via tax@pcl.co.uk or CLICK HERE