Tax payment obligations result in cash flow crisis for 10pct of small businesses |
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| Written by Paul Williams | |
| Thursday, 26 January 2012 | |
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Alternative lender sees 39% increase in tax related loan applications for in 2011.
As the tax deadline approaches, research from borro, the personal asset lender, reveals that 11% of small business owners have experienced difficulties paying their tax bills. 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% 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. Founded in 2008 by Paul Aitken, borro has become the fastest growing personal asset lender in the UK, and was recently named the Alternative Lender of the Year by ‘Credit Today’ magazine.
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