December can be a challenging month for companies hoping to collect any debtors. It’s the month of the year with the least number of working days when you factor in the 3 bank holidays, and many companies shut down completely for the Christmas period. If you’re a company with a year end in March then you’ll have your corporation tax payment due to HMRC in December, and you can rest assured that HMRC won’t be taking a break from collecting tax!
Many of our brokers have clients just like this and finding the available cash in a tight month to pay HMRC can be a challenge for many of these companies. Earlier in 2014, United Trust Bank agreed to fund £200,000 for practising certificates for a medium sized legal firm. Having been impressed with UTB’s service when funding the practising certificates, the client asked the original introducing broker to approach us again to fund a corporation tax liability and we subsequently agreed to provide a loan of £250,000 over 12 months.
We provided substantial corporation tax funding to the legal market in December and in January it’s the turn of the Partnerships. With the help of our supporting brokers we’re already helping several new clients to stay on the right side of the tax man.
Loan Amount: £250,000