Are you a business owner looking for a loan to help meet your company’s salary and PAYE commitments? Here at Cubefunder, we can help. Talk to us too if you have already looked elsewhere for this type of loan but had your application declined.
It is our own money that we lend, and we have built our reputation as a business that strives to help other business owners.
How Cubefunder can help you with salary and PAYE loans
You know full well how many people you employ, how much you pay them, and the amount that needs to be paid onwards by way of PAYE deductions.
Yet there are times when any business may struggle to meet those payroll commitments – unexpected bills disturb the carefully planned expenditure budget, but you have no option but to find the money to pay your staff and to hand over their PAYE contributions.
So, here’s how salary and PAYE loans may help:
- with repayment terms of between three and 12 months, the finance may cover salaries or PAYE deductions that need to be made for just a few months or the whole year;
- a fixed cost of borrowing – known from the start – means that you pay equal monthly instalments, with each payment reducing the outstanding debt;
- your payroll budget is more easily managed; and
- the quickly arranged loan ensures that salary and PAYE payments are made on time and without delay.
How Cubefunder works
Members of the Cubefunder team are entrepreneurs just like you – so know how critical salary and PAYE loans may be to your business.
But that also depends on our fitting the loan to your particular needs and circumstances without reaching for an off-the-shelf solution. Unlike some other lenders, therefore, we do not insist on a detailed business plan or reams of supporting documentation in support of your loan application.
Instead, our streamlined application process means that we give you a decision in principle within minutes and, if your formal application is subsequently approved, transfer the requested funds directly to your company bank account within 48 hours.
Reasons why you may need salary and PAYE loans
There could be many reasons why you may need business finance for salaries or PAYE. Perhaps you are owed monies by a customer or your business is experiencing a temporary decrease in activities, affecting the cash flow.
Whatever the reason, we are here to help.
Payroll finance management occupies a major part of your company’s relationship with employees. Not only must you pay them, but also maintain the following minimum records of:
- their salary, pay or any other payment for work done;
- the deductions you have made from that pay – such as tax and National Insurance;
- the National Insurance contributions you are obliged to pay as their employer;
- the payslips you have issued to each employee detailing their salary and deductions; and
- pay and deductions must be sent to HMRC each month in a Full Payment Submission (FPS).
By arranging salary and PAYE loans, you must still meet these obligations, but borrow the cash with which to meet the payments.
Salaries are paid monthly – conventionally, wages are paid weekly – but whatever the interval, salary finance offers you the opportunity to borrow the amounts that need to be paid, so that you fulfil your obligations both to your employees and to HMRC.
Your borrowing is unsecured – so no company or personal assets are at risk – and the short-term nature of the loan means that interest payments are kept to a minimum.
Similarly, PAYE finance ensures that you meet your obligations as an employer to submit to HMRC the tax and National Insurance contributions you have deducted from employees’ salaries for payment on their behalf.