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  • Tax

    HMRC bans credit card tax payments from 13/1



    Hundreds of thousands of taxpayers hoping to defer the pain of their annual tax bill by paying on plastic will be hit by an HM Revenue & Customs ban on personal credit card payments which comes into force from January 13.

    The ban is a response to new rules that mean HMRC will no longer be able to pass on the bank charges for processing credit card payments.

    HMRC sent out written warnings with tax bills this month stating: “From 13 January 2018 HMRC will no longer accept payment by personal credit card. Debit cards and corporate credit cards continue to be accepted.”

    Full/source article

    Reminder: all landlords in receipt of rental income need to submit their SA tax return for 2016/17 by 31st January 2018, otherwise could be liable for late payment fines and interest on tax owed.

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    More info but article states EU directive

    https://www.gov.uk/guidance/withdrawal-of...ents-cip29

    I don't have any cashback credit cards.

    Does this mean amex and other cashback cards will disappear over time??

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    Whilst I would never advise it - good credit card companies will do Balance Transfers to your personal account to make a payment direct to HMRC.

    If you are paying your Tax Bill on Credit Card your financial planning is a bit off?

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    The above post is not financial advice, its often me rambling - passing time on a coffee break.
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