Traditional values : Modern solutions

Visit us on Facebook
Visit us on Facebook
 
Visit us on LinkedIn
Visit us on LinkedIn
 
Visit us on Twitter
Visit us on Twitter

Local Accountancy Firm - PROFESSIONAL INTRODUCTION

Sector: ACCOUNTANTS | Value: £96,000
Equipment type: VAT FUNDING | Term: 3 MONTHS

Bathgate helped this existing contact with VAT funding.

Problem:

The acquisition of a local firm of accountants, coupled with additional head count and recruitment of a tax partner, placed significant pressure on cash flow for this large established city centre accountancy practice.

 

Approach:

We identified they had two quarterly VAT returns applicable for the business each quarter. One registered for the Limited company and the other for the partnership which acted as a service company for the Limited entity, managing all its wages and payments.

 

Solution:

An unsecured VAT loan repayable over 3 months was arranged under the limited company name, inclusive of both liabilities for the Limited company and the partnership. Director's guarantees were taken from the Directors of the Limited company. The facility is renewed on a quarter by quarter basis.