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Paying your Self Assessment Tax by Personal Credit Card or via the Post Office

02-Nov-2017

Do you normally pay your Self Assessment income tax in January using your personal credit card? If so you may want to make that payment before 13 January 2018 or make alternative payment arrangements. HMRC have announced that as of 13 January 2018 they will no longer accept payments made by personal credit card.


The reason for this change in policy is that HMRC are only allowed to accept credit card payments provided there is no cost to the public purse i.e. it does not cost the government to collect the payment. The EU Payment Services Directive 2, which comes into effect on 13 January 2018, prohibits the recharging of fees back to customers. This means that HMRC cannot recharge the payee any credit card charges that it incurs from the credit card provider.


Corporate, business and commercial credit cards are not affected by this change.


If you currently use the Transcash Service at the Post Office to pay your self assessment you need to be aware that the Transcash service is being withdrawn as of 15 December 2017.


HMRC will also continue to accept personal and commercial debit cards and the other means of payment are still available:

·         Direct Debit;

·         Faster Payment;

·         BACs;

·         Etc.


All payment methods available are detailed at:

www.gov.uk/pay-self-assessment-tax-bill

If you believe that you may have difficulty making your payment you should contact HMRC as soon as possible.


If you wish to discuss any of the above and how it may affect you please do not hesitate to get in touch with me by email, alison.ensor@foremansllp.com, or by phone on 01244 625 500 at Foremans LLP.


Alison Ensor at Foremans LLP 20.10.17


All data and information provided in this article is for informational purposes only. Foremans LLP and the author make no representations as to accuracy, completeness, suitability, or validity of any information in this article and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.


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