09 Nov What every small business owner should be aware of when paying HMRC?
The Post Office service or personal credit cards will no longer be accepted when paying HMRC from the 15th December 2017 and 13th January 2018 respectively.
Not to worry! There are still various other ways of making payment which HMRC say will save you time and expense. These include:
- Direct debit
- Online or telephone banking (including Faster Payments, Bacs and CHAPS)
- Debit/Corporate Credit card online or by telephone
Specifically for Self-Assessment you can also set up a budget payment plan to give you control over the payments you make.
Making weekly/monthly payments will be more manageable for most people and saves you from being hit with a hefty tax figure on the deadline.
Taxpayers who are unable to pay their tax bill on time may be entitled to pay by instalments or be granted additional time to pay.
You will need to contact HMRC with details of your income, assets etc. and HMRC will decide whether you are entitled based on your circumstances. Interest will be charged on the amount you pay late and HMRC will expect you to pay your tax bill straight away if you don’t meet their criteria.
More information concerning the above can be found at https://www.gov.uk/topic/dealing-with-hmrc/paying-hmrc.