provisional tax finance limited
Provisional Tax Finance Limited

Frequently Asked Questions

Why should I consider Provisional Tax Finance?

Provisional Tax Finance is a simple and flexible way to pay your tax with the potential to provide you with some or all the following benefits:-

Value - we aim to offer rates which compare favourably to your Overdraft or Inland Revenue Use of Money Interest rate.;

Convenience – a Provisional Tax Finance facility will allow you to time tax payments to suit the needs of your business;

Free up Capital – this product allows you to meet tax obligations on time while leaving cash and loan facilities free to be applied to things that really matter.

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How can I be sure that there will be tax held on my behalf?

We have appointed Covenant Trustee Services as trustee to look after your interests and ensure that the tax set aside is held safely and will be transferred to your account with the Inland Revenue when you pay us.

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What is the cost of Provisional Tax Finance?

A Finance Charge is payable in advance. This Finance Charge is calculated by reference to interest rates available on our web site

This cost can be compared to your overdraft rate or the Use of Money Interest rate charged by Inland Revenue.

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How long can I delay paying tax by using Provisional Tax Finance?

Depending on your tax cycle, we can offer terms as short as 3 months and in regular intervals out to 18 months provided that the date chosen on which to purchase the Tax Deposit is not later than your terminal tax date. Your accountant will be able to advise when this is.

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How much tax should I finance?

Your accountant will help you estimate how much tax you need to pay on any provisional tax date and we will make that payment for you.

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If my circumstances change do I have to purchase the Tax Deposit?

The agreement with us is intended to give you maximum flexibility and you have the right but not the obligation to purchase a Tax Deposit. This means you can purchase all, some or none of the Tax Deposit. If for any reason you do not wish to purchase a Tax Deposit then you don’t have to.

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How do I access Provisional Tax Finance?

It's simple. We require no financial information nor do we need any security or guarantees. All we need is information concerning your tax balance date and so long as you are neither insolvent nor in default with the Inland Revenue, then you are eligible for Provisional Tax Finance.

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