As the tax deadline approaches, research from borro, the personal asset lender, reveals that one in ten (11 percent) small business owners have experienced difficulties paying their tax bills. A further seven percent have even missed a tax payment in the last 12 months as they haven’t been able to raise external finance.
Paul Aitken, CEO of borro, the UK’s fastest growing personal asset lender comments: “The deadline is fast approaching for people to submit their self-assessment tax return. People who find themselves with a larger than expected tax bill or waiting to claim tax allowances, may need short-term finance – either for themselves or their business.
“Tax related applications to borro have already increased by 39 percent from 2010 to 2011 and we expect this trend to continue.”
With borro, people can secure a loan against their personal assets (excluding property) for a variety of tax purposes. Loan applications are made either directly or through an intermediary such as a tax adviser, IFA or accountant.
The transaction with borro is transparent, with all rates and processes made clear upfront, and loans can be redeemed at any time without penalty.
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