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How to find a broker for VAT and Tax Finance

Published on 1st June 2018 - Last update on 27th November 2018

Although you’d no doubt rather use the money elsewhere, paying tax is an inevitable part of running any business in the UK. So when it does eventually come round, you need to make sure that you’re fully prepared to pay it off on time. But if you run a developing SME business with a tight budget, tax can sometimes prove to be a sore spot, especially if you have an impending growth project or are in the midst of a slow trading period.

Yet rather than postpone your goals or put a dent in your finances, you could seek a solution to the crisis by applying for VAT and Tax Finance. However, with VAT and Tax Finance covering a wide range of business finance products, you might require the services of a qualified finance broker to source an appropriate solution for your business. So if you’re concerned about your business’ ability to live up to its tax obligations, here’s what you need to consider when choosing a business finance broker:

  • How many sectors do they work with?
  • How many products do they cover?
  • How many lenders are they associated with?
  • How closely linked are they to their associated lenders?
  • How do their past customers rate their services?

How many sectors do they work with?

Although tax is part of any business, you still need to choose a broker who has sufficient knowledge and understanding of your chosen sector. So as well as tax, they should already have an appreciation of what other challenges you may face. This is crucial because some may only work within certain UK sectors, and if your business lies outside of their expertise they won’t be able to help you obtain the support that you require. So, in order to avoid wasting valuable time, make sure that you’re approaching a competent broker who deals with your sector and who will know where and how to pitch your application.

Worried about your business’ tax obligations? Don’t have access to the necessary capital? Apply for VAT and Tax Finance or learn more about how your business could benefit!

How many products do they cover?

What makes VAT and Tax Financing such an invaluable resource is the variety of business finance products that it covers, including Secured and Unsecured loans, Overdraft Replacement, Merchant Cash Advance, Revenue Advance, Invoice Financing and Asset Refinance. However, in order to source an appropriate product for your business, you’ll need to work with someone who has sufficient knowledge and understanding of as many of these finance solutions as possible. Therefore, the more products that the broker covers the more confidence you’ll in have that you’re being presented with the most appropriate solution to benefit your business and resolve your tax liabilities.

How many lenders are they associated with?

Another aspect to enquire about when deciding which brokerage to use in your search is the number of business lenders they work with. By working with a large number of different lenders, the broker will enable you to compare each product that’s on offer from their associated lenders. What this means for you is that they’ll be in a much stronger position to source a competitive interest rate and more favourable terms, depending on your business’ current circumstances. Therefore, the more lenders they cover the more likely you’ll be to source a cost-effective solution to your tax obligations.

How closely linked are they to their associated lenders?

Although you want to use the services of a broker who’s connected to as many business lenders as possible, you also want to be assured that their recommendations are impartial and unbiased. If you keep getting shown products from the same lenders it could be an indication that their relationship may go further than what you were lead to believe. In some cases, the broker might earn higher commission by pointing clients to their products. Or, it could also be that the broker owns that particular lender. Whatever it may be, any such relationship would undermine the reasons for why you have sought their services in the first place and would be a breach of your trust. So if you suspect an arrangement exists which isn’t to your business’ benefit, you need to think carefully about your position.

How do their past customers rate their services?

Another way of assessing a broker’s reliability is to review how their services are viewed by their past clients, which can be done by either reading their case studies, reading online community forums or checking customer reviews. If you identify any potential issues, try to consider what lead to that situation and how it could have been resolved or rectified. But if there's a strong pattern of dissatisfaction emerging, be wary. It may indicate there are issues regarding both how they operate and their work ethic. As such, continue to explore what other finance brokers might be more suitable before making your decision.

Could your business benefit from VAT and Tax Finance?

Although no business owner is overjoyed to receive their tax bill it still needs to be resolved, and in a timely manner. However, if you haven’t got access to the necessary capital or you’ve hit a slow trading period, paying out the sums that have been demanded from your business can prove problematic. Regardless, HMRC will still demand that the bill be settled within the specified time frame, which is why applying for VAT and Tax Finance can be crucial. However, with so many products and lenders to choose from, sourcing an appropriate solution on your own can take time and may lead even further confusion. Fortunately, there’s Rangewell.

At Rangewell, we go above and beyond your typical finance broker. We’re an Access to Finance specialist that works with over 300 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide through the application process. So if you need help coping with your business’ tax liabilities, apply for VAT and Tax Financing today or find out more with Rangewell.

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David Harrison

David Harrison

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