Yes it’ s that time of year again. Personal tax returns/payments due at the end of January (for online filing) whilst the bulk of Corporation tax is due either in December or January.
Of course, you might be the sort of methodical and disciplined individual who puts the money to one side and files promptly – take a gold star and a big pat on the back (but remember, nobody likes a goody goody) – on the other hand you might be one of the huge number of business owners who is starting to panic about how your are going to pay.
So what next:
The golden rule here is – act early – there are solutions available to you and the earlier you act the more chance you will have to address and resolve potential issues.
Look down the back of the sofa: Before you go out and borrow, it can be very rewarding to find where your company is ‘hiding’ cash. The first place to look is in your debtor book, but there are other places where cash can hide. As Cashflow Consultants our main emphasis is in digging out your own cash before you even contemplate borrowing.
It is sometimes astonishing how much cash can be dug out from your own resources!
Negotiate with HMRC: According to their website HMRC are still willing to discuss and negotiate staged settlements. From our feedback this unofficial facility is variable. In many cases staged payments are denied, or the profile offered is still destructive to cashflow. Your accountant may be able to help you to contact the right person.
If you can get the right person, and they play nice HMRC are still a great source of credit!
Talk to your bank: Contrary to popular belief it is still possible to contact a bank manager – and they do sometimes lend. Do be aware that if your banking relationship isn’t 100% they might be concerned at what they will see as ‘back footed’ borrowing – they could even use it as a reason restrict or withdraw existing facilities.
Banks are in business to support excellent clients – if you are one they should provide what you need.
Talk to us: If you don’t fancy any of the above, or they have not fully resolved the problem, we have a lot of experience in providing a range of funding solutions, whether for a few months or several years.
Our funding won’t affect your primary banking facilities & we won’t judge you for having been too busy running your business to remember HMRC. All we ask is that you are open & honest!
There are many funding options available beyond the banks!