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Business owners take fast track to addressing their tax bills

Business owners take fast track to addressing their tax bills
If you're sitting there thinking about a difficult tax bill, don't panic, there is a simple easy solution.

Nobody enjoys being stuck in back-to-school rush hour traffic, especially not any business owner with pressing financial worries to occupy their thoughts.

Well, here is one happy thought for anyone sat in traffic and thinking about a tax bill on the horizon. You can park that worry by taking out a short term loan* with Bank of Ireland. It can take as little as 15 minutes to apply online and the costs are very fair.

Using a tax bill loan is an increasingly common way to stay safe and be prepared for your tax year end

“In some cases, a short-term business tax loan is an ideal solution to pay your tax bill,” said Michael Lauhoff, Director Business Banking, Bank of Ireland. “It's a familiar feeling for business owners all over the country: you discover a tax bill is due and realise you may not have enough working capital set aside to pay for it.

“Using a business tax loan is an increasingly common way to stay safe and be prepared for your tax year end. It allows you to take control of your cash flow and spread the cost of your tax bill into more manageable monthly payments.”

Revenue's tax deadlines are on the horizon, so it is important to be ready to file your tax returns on time and avoid having to pay penalties.
Revenue's tax deadlines are on the horizon, so it is important to be ready to file your tax returns on time and avoid having to pay penalties.

Revenue tax deadlines looming

In terms of filing tax returns to Revenue, now really is the time to think about your options. Tax returns need to be filed by October 31. Companies that have signed up to the Revenue’s online system, ROS, have an extension until November 14.

Of course, business owners will know the cost of missing those tax deadlines: 5% of the tax due (maximum of €12,695) if you miss the Oct 31 deadline, but pay before December 31; while there is a penalty of 10% of the tax due (maximum of €63,485) for those who pay after December 31. Click Here to visit Revenue.ie for further details.**

The good news is that Bank of Ireland is offering business owners a range of tailored loans to help them overcome short term hurdles, such as avoiding the cost of a penalty from Revenue.

The cost of credit over 11 months for €10,000 – with monthly repayments of €939.93 at 6.76% is just €339.23. Click Here for more details.

Bank of Ireland offers a range of loans tailored to suit the needs of any business or individual.
Bank of Ireland offers a range of loans tailored to suit the needs of any business or individual.

See Bank of Ireland Business Banking for more on the range of loans available.

More and more business owners are seeing the sense of taking out a loan that allows them to keep their focus on their core business goals.

There are several benefits of using a business tax loan to pay taxes. When you pay off your tax or preliminary tax bill in a lump sum, you don’t have to worry about penalties and interest from the Revenue. You can generally pay off the loan as quickly as you want without paying any additional fees. Click Here to visit Revenue.ie for further details.**

Benefits of a tax loan:

  • Control of cash flow
  • Fixed monthly payments
  • Flexible repayment terms
  • Faster payment transfer
  • Quick and simple to arrange
  • Revenue receive payment on time

Bank of Ireland's loan application process is easy over the phone, or you can try the 15-minute online application process.

“With the tax deadline approaching fast, we’ll respond fast*** when you apply,” said Michael Lauhoff. “We understand why business owners need a quick response; we have a fast and efficient service available to apply for your business tax loan. The repayment can be spread over 11 months. Borrowing can assist you with your cash flow management, which is a core part of any business.”

To apply for a loan online or request a call-back go to bankofireland.com/taxloans

* Normal lending criteria and terms & conditions apply.

** Bank of Ireland cannot take responsibility for information on third party websites.

*** Loan approval takes 48 hours provided that we are in receipt of all relevant information and documentation. Applications for non-Bank of Ireland customers and applications referred to underwriting may take longer. Excludes weekends and bank holidays.


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