The deadline to have your tax finance sorted out if you are a self-employed businessperson is October 31.

A spokesperson for Bank of Scotland (Ireland), one of the country’s main providers of finance for people who pay their own taxes, said there has been a decline in the amount of time people are giving themselves to put their personal tax finance into place.

“Up to 50% of clients now seek tax finance later than ever, many of whom leave themselves with just two weeks to make the October 31st deadline,” the spokesperson told the Limerick Independent.

Tax finance (Preliminary Tax Finance), provides customers with an opportunity to fund personal tax bills over €10,000 or more, over nine, ten or eleven months, and when sought in time, this can help ease the burden and stress often caused by making the tax deadline.

People interested in this product simply need to provide a letter from their auditor stating their tax amount or a copy of the Revenues tax statement.

“As one of the longest standing preliminary tax finance providers in Ireland we have seen quite a few changes around the timing of when people look after their tax finance. While looking after income tax is something that is essential it is something which people don’t like thinking about. If your personal tax bill is over €10,000, tax finance can really help you to structure and organise your bill in advance, enabling you to manage the October 31st deadline with ease,” said Ronan Horgan, Director of Asset Finance in Bank of Scotland (Ireland).

Bank of Scotland (Ireland) Preliminary Tax Finance is designed for self-employed people or for people who receive income from sources where some or all of the persons tax cannot be collected under the PAYE system.

Further information on Preliminary Tax Finance from Bank of Scotland (Ireland) is available on www.bankofscotland.ie

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