Funding for Partners’ Income Tax
Many professional firms choose to pay the Income Tax liabilities of the partners out of the firm’s cashflow. However, this means that the firm must find two payments, in January and July. Key Business Finance’s Income Tax Payment Account is a flexible alternative.
Benefits to your firm:
- As this is a separate arrangement, your existing lines of credit, such as an overdraft, are unaffected.
- A highly competitive fixed rate of interest – you know what your outgoings will be
- Direct payment of your Income Tax liabilities to HMRC – you do not need to pay them.
How the Income Tax Payment Account works
Instead of having to find two large sums and putting a strain on cashflow, the Account enables your firm to swap these for a regular, monthly instalment.
The Income Tax Payment Account can be operated in one of two ways:
Option A – open an account in January to cover the whole year (we are happy to work on a mid-year estimate for the July payment) The advantage here is that you know the amount of your monthly payments for the whole year and can budget for each month.
Option B – open one account in January and another in July, each with six instalments.
Obtain a quotation now!
To see how Key Business Finance’s Income Tax Payment Account can help your firm, request a quotation now by either:
For further information on the Income Tax Payment Account, please download our
Information Sheet.