Keeping up with your business ratesPublished on 5th April 2017 - Last update on 8th January 2019
Every year, around 200,000 UK SMEs are summoned to court over unpaid tax bills. That’s 1 in 8 UK businesses. Although business rates are one of the most loathed and controversial parts of running a business you simply cannot afford not to comply. For those that try to wriggle out of paying, or simply forget, the consequences are severe. HMRC comes down hard on business owners that fail to pay their taxes, and the courts aren’t the only tool at their disposal. If left unpaid they can:
- Recover the money owed using your earnings or pension.
- Requisition the services of debt collection agencies.
- Take possession of your business and personal assets.
- Remove money directly from your bank account.
- Take your to court, forcing you to declare bankruptcy or close down your business.
Paying your tax bill
If you’re anticipating a tax demand, or have received one, don’t hide it away, ensure that it’s paid on time. However, we realise that such demands can be too much of a burden for some businesses. The money owed may not exist in your account or you simply cannot afford to part with the sums requested in the face of other business-related costs. If so, why not consider applying for finance? With Rangewell, you can source the perfect business finance solution to remedy your current predicament, including Merchant Cash Advance.
This finance solution could help you receive a lump sum paid directly into your bank account within 48 hours of applying. However, in order to qualify for this product, your business must be able to support credit and debit card transactions. Plus, you’ll also be required to show 3 or more of your latest consecutive sales reports.
How this product functions within your business is by allowing a potential lender to purchase your potential earnings for one particular month at a discount, forming the lump sum. From there on, the lender will be able to take a percentage from each of your card-based transactions until the product has been fully repaid. So if a lender offers, for example, 18%, that equates to 18p from every £1 your card customers spend. Consequently, this makes this package one of the most flexible on the market as it depends upon the level of trade your business performs.
Our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.
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