The self-assessment payment deadline is on the 31st January and with HMRC no longer accepting personal credit cards, some might need to look to other methods to pay their tax bill.
The Institute of Chartered Accountants in England and Wales (ICAEW) are reminding taxpayers of these changes that were made 13th January 2018.
Caroline Miskin, ICAEW Technical Tax Manager, commented, “These changes, which came into place in just before last year’s payment deadline, mean that many people will have to save in advance for their tax bill, instead of relying on payment by credit card. This might come as a shock to those who paid by credit card last year in advance of the change. Not accepting personal credit card payments may make it more difficult for some people to pay but other options are available depending on individual circumstances.”
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Email JaimeShe added, “If you haven’t allowed for this change, don’t despair, there are other payment options you can use. If you have difficulty making payment is important that you contact HMRC at your earliest convenience so they can help advise on how to make payment.”
Other payment options available:
- Budget payment plan – this allows you to make regular payments in advance, but you must be up-to-date with your previous self-assessment payments. It allows you to decide how much to pay each week or month and
- Time to pay arrangement
To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
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