SECURED BUSINESS FINANCE

An unexpected HMRC bill

Term: 10 years | Amount £150,000 | Feature: buy-to-let property

When the FD of a long-established family-owned business retired, a systemic error in tax calculation was discovered.

The company needed to raise £150k immediately to pay off the unexpected HMRC demand. As a lifestyle business, the company’s balance sheet couldn’t support that level of borrowing.

Outcome

Accredo agreed, within 3 hours of proposal, to lend the full £150,000 over 10 years with a charge over the shareholder’s buy-to-let portfolio as security.