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Wesleyan Bank launches digital portal to offer SMEs funding for tax

Wesleyan Bank launches digital portal to offer SMEs funding for tax

Wesleyan Bank, a leading provider of commercial finance solutions to professions and SMEs, has launched a new digital service to make it easier for businesses and professional practices to apply for finance to spread the cost of their tax bills.

The spotlight into the tax affairs of SMEs is shining brighter than ever, evidenced by HMRC collecting an additional *£470m from small businesses for the year ending 31 March 2015. With the 31 July 2016 deadline for tax paid through self-assessment looming, many companies are concerned about the impact tax liabilities will place on their cash flow and their ability to pay on time to avoid financial penalties.

Wesleyan Bank's Tax Portal is a simple online application which allows businesses and professional practices to easily apply for funding to cover their company's HMRC tax bill, 24/7, 365 days a year, to help them to better manage working capital.

The system enables potential customers such as SMEs, medical and dental practices and accountancy and legal firms to obtain an instant quote for spreading the cost over six or 12 affordable monthly instalments. Once approved by Wesleyan Bank, the proceeds of the loan can either be paid directly to the business or to HMRC.

Steve Deutsch, Chief Executive of Wesleyan Bank, comments, "Many businesses 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 much as 5% of respondents fell into this late category.

"Wesleyan Bank's Tax Portal has been specifically developed to ease the pressure that businesses experience at this time of year and offers a fast and convenient way for them to manage their tax liabilities online. By spreading the cost of over six or 12 months, firms can attain a greater degree of control over their cash flow and plan more effectively for the future."

The self-service Portal has been developed as a result of extensive research from both Wesleyan Bank staff and end user groups and builds on the company's philosophy of using leading technology to enhance the customer experience. 60 small but targeted suggestions have been implemented into a simple five step process to enable SMEs to apply for tax funding in two minutes or less, significantly reducing administration time.

Deutsch adds, "Following customer feedback we have invested considerably to enhance our digital services. We are therefore delighted to offer this user-friendly portal which will be a first of many for Wesleyan Bank over the coming months as we extend our online offerings to include professional indemnity insurance and practicing certificate funding."

Wesleyan Bank provides an extensive range of flexible short, mid and long term finance solutions covering practice acquisition, asset, tax, VAT, practicing certificates, professional indemnity, business refurbishment and IT finance alongside a range of personal deposit and loan products aimed at professionals and their partners.

To obtain a quote from the company's Tax Portal, please visit www.taxfunder.co.uk.

Alternatively, for further information email: bankcommercialsales@wesleyan.co.uk or call 0800 980 0552.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society