Merel Nijland
Introduction
Every entrepreneur has to deal with VAT and the sales tax return. It is possible that you are unable to pay the sales tax return. For example, because you have incurred additional costs during that period. For taxes, you can request a deferment. But you can also choose to pre-finance taxes with a business loan. We explain both options in this article.
Can you ask for a deferment for sales tax?
The answer is yes, but this is not easy. You need a statement from an expert. Only in exceptional cases can you request a delay. You are eligible if you can demonstrate that your business is healthy and viable. The expert must demonstrate that it is a temporary payment problem.
During corona, it has become easier to request a special extension. This also applies to VAT tax. Want to stay up to date with all developments? Check the “Special deferral of payment due to corona crisis” page of the tax authorities. Here are the most current developments.
Deferring sales tax costs money
If you get a delay in paying sales tax, it's not free. This is because you pay recovery interest on the amount of tax. Normally, the recovery rate is 4% from the moment the payment period has expired.
Due to corona, the collection rate has been lowered to 0.01%. This will stay for a few more months and will gradually return to the old level of 4%. Interest rates are expected to rise to 1% on 1 July 2022 and to 2% on January 2023. Then, on 1 January 2024, the percentage will return to the old level of 4%.
Pre-finance VAT with a business loan
Are you unable to pay your sales tax on time and are you not getting a deferral for the sales tax? It is important that you still file the tax return on time, otherwise you risk a fine that can be high.
You can pre-finance the VAT with a business loan. One business loan with Swishfund has already been arranged within three days. So you don't have to wait weeks or months for the loan. In addition, Swishfund's loans are always short-term. You won't be stuck on the loan here for years.
Wide range of business loans
Another advantage of a business loan is that you can also use it for other purposes. For example, are you going to make a big investment? Then, in addition to pre-financing the VAT, you can also finance (part of) the investment. A win-win situation!
When you're now request starts, you'll know what the options are within 24 hours. The loan can be paid out within 3 days.
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