When United Trust Bank (UTB) was approached by one of its key broker partners to assist a firm of solicitors that had an overdue tax bill owed to the HMRC, it appeared to be an unusual request for the specialist bank.
However, after being supplied with a satisfactory explanation outlining the mitigating circumstances for the unpaid tax bill, UTB was happy to go ahead with the funding request.
For the majority of businesses that operate as a partnership, LLP or sole trader, a balancing tax payment will be due to HMRC by 31st July.
Many professional firms will have the headache of parting with often substantial amounts of money to settle their liabilities, which can potentially impact their cash flow or investments plans.
Businesses are increasingly turning to specialist lenders such as UTB to help them spread such costs over a six- or 12-month period with a professional loan at a competitive rate.
In the above scenario, the financial information provided supported the client's application and after an open and honest conversation regarding the reasons for the delay in payment to HMRC, UTB was able to progress the loan application and provide an approval the same day.
The funds were sent shortly after and both the introducing broker and the client were very happy with the service provided by UTB.
The loan payment was for £140,000 over a 12-month term.
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