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January 13, 2018 is the deadline for all sole traders and retailers, as they won’t be able to settle the self-assessment tax bill by using the credit cards, as per the HM Revenue and Customs (HMRC).
As per the current scenarios and the regulations, the taxpayers are permitted to make the payment through a personal credit card. Herein, you can use the HMRC account or if you have the paying in slip received in the paper statement format. However, after introducing the changes, there is an option of using the debit or you can also choose to get the corporate credit card for a successful payment of the self assessment tax.
Payments Affected By The New HMRC Rule
The statement issued by the HMRC spokesperson states -“We will no longer be accepting credit card payments from 13 January as new rules mean that we can no longer pass on what our bank charge for processing a credit card payment.” There are many tax payments that have seen the effects of this decision and some of them are VAT, Self Assessment Payments, and PAYE with CIS covered in it.
What Are The Ways To Pay The Taxes?
The taxpayers can choose the alternative payment option that brings ease in the payment methods. These are the direct debits, telephone banking, direct debit payments or through a cheque, corporate credit or debit cards, clearing house automated payment system (CHAPS), payments from building societies, or post offices.
Although, you should also note that now HMRC has denied to accept any payment through post offices, from 15th of December, 2017.
Beneficial Or Harmful?
This newly scrapped rule has brought the good side for the buyers who will not have to pay any amount of money to the retailers or traders while using the credit or debit for buying something, including the rule applicable to the Government as well such as the Driver and Vehicle Licensing Agency (DVLA). But, it has also been observed that it would impact the small business that already have a lot of pressure of establishing themselves, and not taking the credit usage fee from buyers has raised the trouble for many struggling businesses.
Henceforth, you are requested to be alert and keep in mind about the deadline. If you have the clients, just notify them about this deadline by adding a paragraph informing them about the changes in self-assessment tax payment methods. For a detailed information, you may get in touch with https://www.nrvtax.co.uk/ and get an in-depth understanding and filing the HMRC tax returns.
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