Bank offers loans to tide over tax bills

On 8 September,2016 | In News

A new digital service aims to make it easier for professional practices to apply for finance to spread the cost of their tax bills.

Wesleyan Bank’s Tax Portal enables doctors to obtain an instant quote online for spreading the cost over six or 12 monthly instalments. Loans can be paid directly to doctors or to HM Revenue and Customs (HMRC).

The bank’s boss Steve Deutsch said: ‘Many doctors put off planning around tax and then struggle to find the cash to meet their tax liabilities on time. The potential impact to their bottom line is now further compounded by HMRC taking a strict stance on late payments.’

In a recent survey, as many as 5% of respondents fell into this late category. Quotes are available from www.taxfunder.co.uk.