Tax bill paymentsPaying your TAX BILL to HMRC, you need to get in quick!

Can I pay my tax bill with a credit card?

Well from 13th January 2018 you can’t!

Some people like to or need to pay a tax liability by credit card just to make sure there’s enough cash in their business.

However, HMRC have changed the rules on paying your tax bill by credit card so you need to be aware

The bad news is that from 13th January 2018 HMRC no long accept a personal credit card, for the payment of your tax bills.  

The good news is that corporate, business and commercial credit cards PLUS debit cards are ALL UNAFFECTED.

In case you are wondering why the change…it’s because of a change in EU law regarding merchants passing on the cost of credit card fees to consumers. From 13th January 2018 they are no longer allowed to.  So, it’s good for consumers. but not if you wanted to pay your tax bill by personal credit card.

What does this mean for you…?

Quite simply if you’re planning on paying your tax bill by personal credit card then you have until 13th January 2018 to do so.

The choices for this year are – either pay your tax before 13th January OR find an alternative payment method.

Please don’t be caught out unexpectedly and wait until 31st January 2018 to make your payment as you will not be able to make it by personal credit card.

There are still many ways to pay your tax bill including:

  • Direct Debit
  • Online or telephone banking (including Faster Payments, Bacs, CHAPS)
  • Debit/Corporate card online or by telephone

However, if you are using these methods you can’t leave it till the 31st to do so, as it is possible it may not be with HMRC in time.  Remember HMRC say you must have cleared funds in your HMRC tax account by 31st January each year!

Incidentally if you usually pay your tax bill at the post office this service will be withdrawn from 15th December 2017.

So, the morale of the story is don’t leave it till 31st January, make your decisions now on how you are going to pay so you don’t fall foul of the dates!

 

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This article is for general information only and no action should be taken, or refrained from, as a result of this information.  Professional advice should be taken based on specific circumstances in each individual case.  Whilst we endeavour to ensure that the information contained in the article is correct, no liability  will be accepted by KMA Accountancy which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action or decision taken as a result of using any such information

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