VAT liability funding for law firms
A VAT loan, or VAT funding is a business loan that is specifically designed to help businesses pay their VAT bills.
VAT payments to HM Revenue & Customs (HMRC) are made on a quarterly basis.
However, some businesses may not have enough cash flow to pay their VAT bill in full when it is due.
This is where a VAT loan can be really useful. A loan is usually repaid in 3 equal installments.
How does VAT funding work?
It has never been more simple to organise a VAT loan with Performance Professions.
In 5 easy steps, you can secure funding to pay your VAT liability:
1) Provide your liability figure and receive tailored VAT loan illustrations to suit your business.
2) Once agreed, your dedicated Account Manager will prepare an application for you.
3) Our in-house underwriters will generate a decision.
4) If approved, digital documentation will be provided for electronic signature.
5) Once returned, funds are paid to into your office account (usually on the same day)
Why should a solicitor finance a VAT liability?
Law firms face numerous financial obligations, and managing VAT payments can be particularly challenging.
To alleviate the strain on cash flow and ensure compliance, law firms should explore the benefits of financing vat liabilities.
Benefits of taking out a VAT loan include:
Cash flow preservation.
VAT compliance.
Financial stability and predictability.
Business growth and investment opportunities.
Expertise and support from financial lender.
Considering a VAT loan as a strategic financial tool, law firms can focus on their core operations and position themselves for long term success in a competitive legal landscape.
Avoid penalties from the HMRC with a VAT loan from Performance Professions.
We are experts in finance for law firms and offer funding for all types of business requirements including Pi insurance, practicing certificates, mergers & acquisitions, work in progress, business development, partner buy ins and personal tax funding.
We provide unsecured loans for:
Professional Indemnity Insurance (PII)
WIP/Disbursements
Tax loans (Business and Personal)
Aged debt funding
Cashflow
Capital expenditure
Partner buy-ins/outs
Personal loans
Practice acquisitions
Practicing certificates
Technology
Client Fee Funding