A HMRC loan is an unsecured business loan designed specifically to pay your HMRC VAT or corporation tax liability. This allows you to distribute your firm’s tax bills evenly over the year with manageable monthly payments instead of having to pay a large sum every three months or at the end of a year – If you’re a growing business it’s likely that you could always make better use of your cash than send it to HMRC.
To take advantage of this funding all you need to do is supply the relevant tax bill with your last filed accounts and we can do the rest for you! The lender will typically pay HMRC directly on your behalf and you would then pay monthly repayments to the lender.
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HMRC loans are charged via a monthly interest rate and the rates are balanced versus the perceived risk to the lender. We are seeing rates form around 0.50% per month meaning that if you had a £100,000 VAT bill and wanted to pay it over a 3 month period as opposed to all in one go, you would pay back in total £101,500.
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