Accounting, self-assessment, Taxation

A small blow to Individuals – Self Assessment

From 13 January 2018, HMRC will stop accepting payments by personal credit card. This means you need to have the money in your bank account to cover your dues if relying on the Jan 31 deadline.

On one hand, it’s a good move since credit card interest is much higher than what HMRC imposes for non-payment. However, it does remove a personal choice, and I’m not sure that’s okay.

A bit odd that corporate credit cards are still acceptable considering they get charged interest by banks too. Is HMRC ‘gently’ pushing sole traders towards incorporation? Obviously, directors will still get caught – unless HMRC is fine with them using the corporate credit cards to cover personal tax debts.

About Phoenix

Accountant | Tax Specialist | Dreamy Entrepreneur | Blogger

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