VAT Bridging

HOW IT WORKS

Our Process:

Initial terms offered

Once we have had our initial conversation to understand your requirements, we will issue same day terms. The terms will show clearly the loan amount agreed and the basis upon which it is to be repaid. The terms will outline all the associated costs of the borrowing.

 

Due Diligence

Once we have your authority to proceed, we will start our due diligence process. This will include: 

  • Meeting the borrower and visiting the property
  • Completing Identity checks
  • Opening a bank account for the borrowing entity to receive the VAT payments
  • Initial conversations with HMRC to notify them that our accountants will be your VAT agents
  • Completing Identity checks

 

Loan Documents completed 

Western Money lawyers will draft all the legal documentation to ensure a prompt completion can be achieved. Our team of professionals will work closely together to ensure everything is set up correctly to get the VAT returned in a prompt manner. The documentation will include:

  • A personal Guarantee
  • Debenture over the borrowing entity
  • Loan agreement

 

Completion of the Loan 

Once all the documentation has been completed, our lawyer will release funds the borrower’s solicitor so that they can pay the VAT on the property purchase. In order for funds to be released, Western Moneys Lawyers must have certain undertakings form the borrower’s solicitors. These will include:

  • Undertaking for costs and fees
  • Undertaking that all documentation has been signed, and originals are held

 

Managed VAT recovery

After completion of the loan our attention is to target a swift recovery of the VAT funds. Our V.A.T agents will submit the relevant Inland revenue forms and liaise directly with HMRC to recover the VAT.

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