The most beneficial form of financing is targeted to your particular needs. Practice finance provides reliable and clear solutions for those looking to fund their professional practice – this could be a Solicitor, an Accountant, a Dentist or a Vet. Some areas that are included are unsecured loans, capital financing, VAT considerations and tax remedies. Let’s take a brief look at a few of these categories in a bit more detail:
Unsecured Professional Loans
Unlike a secured loan, an unsecured loan means you are not required to provide an asset as collateral. Your application and approval process is simple; and an answer will be provided within twenty-four hours or less. Amounts between fifty and five hundred thousand pounds can be secured by firms of all sizes. As they boast fixed interest rates and a repayment period of up to sixty months, vital working liquidity can become a reality. Some of the primary uses for such funding will include (but are not limited to):
- Liquid capital
- VAT or tax concerns
- Disbursement funding
Furthermore, these vehicles will not detrimentally affect any existing securities or financial schemes; this modularity is an important feature.
VAT Funding for Professions
This flexible option will enable you to address your VAT liability for a single financial quarter or it can be used for all four quarters of a normal business year. The primary advantage here is that professionals will be able to dilute potentially expensive costs over a fixed monthly payment period; liberating valuable capital which can then be placed back into the core competencies of the company. Also, there may be no payment necessary during the first month of the plan (this is known as a repayment holiday). As with other loan products which are targeted to your needs, approval is quick and easy while all of your information is kept strictly confidential. The funds can thereafter be immediately released into your online account.
Tax/PII and Practice Certificate Funding
There may be instances when you require a short-term unsecured loan in order to compensate for existing tax liabilities. Practice finance solutions are able to provide these vehicles for both self-assessment and corporate situations. Other areas that are covered by these liability-centred loans address the premiums involved with indemnity insurance and practicing certificates (within the field of solicitors).
It is therefore clear that one of the key advantages of practice finance is the unique ability for professionals to encounter complete solutions, which are specifically designed to accommodate their specific needs at a certain time. These are but a handful of the vehicles that can make a vast difference in terms of financial security and ultimately, success. By approaching your overall fiscal management policies in such a manner, you will be able to enjoy greater success, more liquidity and most importantly, a great deal of freedom.