Whether you are an individual or a business, unexpected or expected tax can be difficult to factor into your budget or cash flow.
However, finding the finances to cover a tax bill does not have to be a stressful process. With a bridging loan you can receive the short-term finance you need.
At Affirmative our loans are processed quickly and efficiently, avoiding the waiting period that is common with many other lenders.
Tax Liability Scenarios
Some taxable events are more common or apparent than others. You may be liable to tax in the following forms:
- Income Tax: The majority of individuals are required to pay Income Tax, which is usually automatically deducted from a salary if you are employed. If you are self-employed you need to account to HMRC directly in January and July (normally).
- Capital Gains Tax: This is normally triggered when a person realises a capital asset by selling it for a price that is higher than the initial purchase price.
- Corporation Tax: Working in a similar way to income tax but for companies, Corporation Tax monitors the profitable income of a company, deducting a certain amount of the profits periodically.
- Value Added Tax: VAT is a consumption tax placed on many products, when value is added during the production stage.
- Pay As You Earn (PAYE) Tax: Employers are required to deduct Income Tax, and sometimes even social benefit taxes, in the form of PAYE as part of the payroll.
- Inheritance Tax: If you inherit assets you are liable to Inheritance Tax. The rate of this tax depends on the value of the estate and your relationship to the deceased.
Apply for a Bridging Loan with Affirmative
Whether you need to borrow a large or small amount, Affirmative can help you. Our bridging loans are suitable for individuals as well as businesses, allowing you to cover a tax bill payment smoothly.
Unlike regular lenders who may delay, our bridging loans can be ready within a matter of days or even hours.