Compare vat and corporation tax funding options quotes
It is possible to get a loan for corporation tax and VAT payments, and some financial institutions offer loans specifically for businesses to cover tax obligations. However, it is essential to consider the terms and conditions of such loans carefully and to ensure that taking on debt is the right decision for your business. Before deciding, speaking with a financial advisor to explore your options may be a good idea.
Insuro has partnered with Capitoo to provide you with a solution. Insuro is an introducer and has no connection or responsibility for financial arrangements.
It’s worth noting that the corporation tax rate for limited companies has changed several times in recent years, and the rate may change again. Hence, keeping up-to-date with the most current information from HM Revenue & Customs (HMRC) is essential.
In addition to the standard rate of corporation tax, there are also special rules and lower rates that apply to certain types of profits, such as those generated by patents, which are taxed at a lower rate of 10%. Considering these rules and lower rates when calculating the corporation tax liability for a limited company in the UK is essential.
Here are the steps for paying corporation tax in the United Kingdom:
In the UK, companies must pay corporation tax in instalments, known as “payments on account”, if they owe more than £1,000 in corporation tax. The payments on account are due on the exact dates as the self-assessment income tax payments.
It’s also vital for UK companies to keep accurate records and retain supporting documentation for their corporation tax calculations and payments, as HMRC may conduct an enquiry into the company’s affairs.
Businesses typically pay Value Added Tax (VAT) to sell customers goods and services. VAT is added to the price of the goods or services, and the business must then remit the VAT collected to the tax authorities. In most countries, VAT is collected by companies on behalf of the government and is paid periodically, typically on a monthly or quarterly basis. The specific rules and regulations for VAT payment vary from country to country, so it’s essential to check the laws in your jurisdiction.
In the United Kingdom, the standard VAT rate is 20%. However, 5% and 0% reduced rates apply to certain goods and services, such as food items, children’s car seats, and energy-saving materials. Additionally, there is a different VAT rate of 5% for certain sanitary products, commonly referred to as the “tampon tax”.
It is illegal and unethical to avoid or evade paying VAT intentionally. Doing so is considered tax fraud and can result in severe penalties and fines, including imprisonment in some cases. Businesses are obligated to collect and remit VAT by the laws and regulations of their jurisdiction. Businesses must stay compliant and fulfil their tax obligations to maintain a good reputation and avoid legal consequences.
Capitoo offers a 3-month loan for VAT and 3, 6, 9 or 12 months for Corporation Tax.
There is a £25,000 minimum loan requirement.
They charge up to 1% to 9%, with an average 5% fee.
£80,000 to £100,000 is the average loan size. Capitoo also handle loans larger than this, so don’t worry if your VAT or Corporation Tax exceeds this.
This isn’t a comparison service. We are introducing a specialist business lender called Capitoo. Capitoo uses a high-street bank to fund the payments using a specific lending arrangement.
Although Capitoo provides funding arrangements to many different types of businesses, we find that certain businesses commonly utilise this service; these include:
A quarterly drawdown is available for VAT.
We are currently looking at putting in place a reminder service for SMS and Email.
On average, businesses utilise this service for upwards of 5 years. This is increasing because the service has only been available for several years.
VAT Loan payment is one of the many business services provided by insuro by way of introduction.
VAT calculations can be complicated. The simplest way is to use a calculator.
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