Ignoring the problem won’t make it disappear, but taking action now can help you move forward
If the 31st July Self-Assessment tax deadline has come and gone and your payment is still outstanding, you’re not alone.
For many business owners and self-employed professionals, the summer months are an expensive time of year. Holidays, seasonal spending, investment in the business, and day-to-day operating costs can all put pressure on cashflow, making it difficult to find the funds needed to meet a significant tax liability.
The important thing is not to ignore the situation.
While missing the deadline can result in interest and potential penalties, taking action quickly is almost always better than allowing the balance to continue growing. The sooner you address the issue, the more options you are likely to have available.
One of the biggest mistakes business owners make is hoping that the situation will resolve itself over time. Unfortunately, HMRC will continue to pursue outstanding tax liabilities, and delaying the conversation often makes the financial pressure greater rather than smaller.
If paying the full amount immediately isn’t possible, it is worth exploring the alternatives available to you.
For many businesses, protecting cashflow is just as important after the deadline as it was before it. Draining every available pound from your bank account to settle a tax bill can leave your business exposed, making it harder to cover payroll, supplier payments, stock purchases, or other day-to-day operating costs.
Maintaining financial stability should remain the priority.
This is where specialist finance can help. Rather than placing unnecessary pressure on your business, a short-term funding solution can allow you to spread the cost of your tax liability over a manageable period, preserving valuable working capital while ensuring the outstanding balance is dealt with.
Every business is different, which is why there is no single solution that works for everyone. The right approach will depend on your current financial position, your cashflow, and your plans for the months ahead.
At FTA Finance, we work with business owners every day who need practical, flexible funding solutions to help manage tax liabilities. Whether you’ve only just missed the deadline or you’ve been trying to work out the best way forward, it’s still worth having a conversation.
Our team can assess your circumstances, explain the options available, and where appropriate, arrange a short-term finance facility that allows you to spread the cost over 6 or 12 months. Decisions are typically made quickly, helping you resolve the situation without placing unnecessary strain on your business.
Missing the 31st July deadline doesn’t have to become a long-term financial problem. The important thing is to act early, seek advice, and put a plan in place before the situation becomes more difficult to manage.
Don’t panic, but don’t delay either……
Speak to us today and let us help you find a practical solution that protects both your cashflow and your peace of mind.
We are able to source a wide range of innovative and competitive Healthcare Finance packages specifically tailored to, and for, Healthcare Professionals such as:
Remember!
You are in a specialist market so use a specialist broker who understands your sector. With access to major banks and specialist niche healthcare lenders, we know the types of proposals that are synonymous with this sector.
