The Institute of Chartered Accountants in England and Wales (ICAEW) has reminded small business owners and taxpayers it’s no longer possible to pay for their outstanding tax via personal credit cards.
Last year, HM Revenue and Customs (HMRC) brought an end to paying self-assessment tax bills using personal credit cards; resulting in individuals having to use business credit cards (which incur higher transaction fees) or seek alternative payment methods.
The deadline for online self-assessment tax returns for the 2017-18 financial year is 31st January 2019.
There are several different payment options available to self-assessment taxpayers, including:
- Debit card
- Direct debit
- Online/telephone banking
- Bank/building society
Caroline Miskin, Technical Tax Manager, ICAEW, suggested that Time To Pay Arrangement and Budget Payment Plans could also be an option for some taxpayers, depending on their unique circumstances.
“If you haven’t allowed for this change, don’t despair,” said Miskin. There are other payment options you can use. If you have difficulty making payment, it’s important that you contact HMRC at your earliest convenience, so they can help advise on how [best] to make payment.”
Are you eligible to submit a 2017-18 self-assessment tax return?
The most common reasons a tax return may be required are as follows:
- You’re self-employed or working in a partnership
- You have significant savings or investment income
- You have untaxed savings or investment income
- You are a buy-to-let property landlord
- Your household receives Child Benefit and your income is in excess of £50,000
- You have income from outside the UK
- You have recently sold or given away asset(s)
If any of the above reasons are applicable to you, don’t delay in resolving your tax affairs.
Your local TaxAssist Accountant can work with you to prepare your self-assessment tax return and ensure you are paying the correct amount of tax ahead of the 31st January 2019 deadline – all for a fixed, competitive price.
To arrange a free initial consultation on your 2017-18 self-assessment tax liabilities, simply call our friendly and experienced team today on 0800 0523 555. Alternatively, you can drop us a line using our online enquiry form.