The number of people using credit cards to pay a tax bill hits a record 800,000, but there are other ways of spreading this cost.
If you are one of the many thousands due to pay your Self Assessment Tax by January 31st there are some big payment changes afoot that you need to be aware of.
From January 13th, 2018, HMRC will no longer accept tax bill payments made on personal credit cards, 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.
Recent reports from HMRC released by the Telegraph, detail that in 2015-16, over 800,000 people paid their tax bills via credit card and it would appear to be a rising trend, up from 493,722 in 2014-15.
There is another way to spread the cost of your tax liabilities however…
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 a loan 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 simply, via a fixed number of installments, giving you the peace of mind that your tax bill is covered on time whilst avoiding any potential charges for non-payment.
At White Oak UK, we make money work for business and last year alone, we provided UK small businesses with over £50million in loans to cover personal tax obligations.
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, businesses can be confident that they have a single solution to all their finance needs.
Join a growing number of businesses enjoying a fast and convenient business loans and speak to one of the team today.