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  • Pay your tax bill after credit card changes
  • How to pay your tax bill after the HMRC credit card changes

Views from the flipside

If you are one of the many thousands of self-employed due to pay your Self Assessment Tax there's a big payment change that you need to be aware of.

Can you pay your tax bill with a credit card?

Previously, up to 800,000 people paid their tax bill via credit card, however a change introduced in 2018, means HMRC no longer accept payments from personal credit cards.

The change is mainly due to the level of fees imposed on such transactions, though debit cards and corporate credit cards will still be accepted. This change also extends to payments made for VAT as well as Self Assessment Tax.

Pay your tax bill with a business loan

However, it leaves many who previously relied on paying by credit card with a large bill to pay and needing to look for alternative payment options to spread the cost.

Self-employed? Pay your tax bill with a short term business loan

Finding a way to pay your tax bill can be hard when a significant sum needs to be found from business cash flow and as such, spreading the cost is an increasingly attractive option for many.

A short-term loan from White Oak UK lets you make tax more manageable, providing you with funding to cover the full cost of tax, be that personal tax, corporation tax or VAT, over a 3-12-month term.

Funds can be repaid on a fixed number of installments, giving you the peace of mind that your tax bill is covered on time, avoiding any potential charges for non-payment.

At White Oak UK, we make money work for business and last year alone, we provided businesses and self-employed individuals with over £50million in loans to cover personal tax obligations.

  • Unsecured loans from £2k - £500k
  • Fixed payments over 3-12 months
  • Simple to apply, no red tape
  • We accept 4 out of 5 applications
  • Funds in your account in as little as 24 hours
  • We're rated a 5 star Gold Trusted Service

Get a free finance quote for your tax bill

Act now before the deadline

Whilst over 93% of tax payers filed their tax on time earlier this year, there were still more than 700,000 who missed the deadline.

So if you are one of the many thousands of self-employed people due to pay your Self-Assessment Tax by July 31st then now is the time to start considering not just completing your return, but crucially, how you will cover this considerable cost.

Every year, HMRC release their top excuses for late or non-submission of tax returns, from broken boilers to being too short to reach the post box, but in all seriousness, avoiding late return penalties by completing on time and also arranging the funds to cover this expense in advance, can help to lighten the tax burden.

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Self-employed? Be aware of 'Payment on Account'

There is also the subject of payment on account, a little talked about, but nonetheless critical consideration for those perhaps newer to self-employment and applicable to anyone whose self-assessment bill is more than £1000.

Whilst 50% of this payment on account may have been settled alongside the January tax deadline, the second instalment of this may also be due by 31st July (for more details on HMRC accepted payments and payment on account, please speak to your accountant).

The result for many, newly self-employed people is that they typically face a tax bill which is roughly 50% higher than they had been expecting.

Fuss-free business loans to cover your tax bill

Having the option to spread the cost of tax affords an enhanced level of flexibility to our customers, and with a range of other business finance options spanning a variety of purposes, from development loans to asset finance, you can be confident we can be a single solution to all your finance needs.

Join over 40,000 businesses and self-employed who have benefited from fast and convenient business loans from White Oak UK.

Arrange a call back with one of the team today or call us now on 0330 053 6163.

Free guide to tax

Why choose White Oak UK?

  • No red tape, so you can receive funds in as little as 24 hours
  • We accept 4 out of every 5 applications
  • Apply quickly and easily with E-sign loan documents
  • You’ll always speak to the same person
  • Free up cash flow for other areas of your business
  • Tailored finance agreements to suit your specific needs

Views from the flipside

What our customers say

We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. White Oak UK were professional, helpful, friendly, and best of all, fast.

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