News

HMRC credit card fees

New credit card fees for paying HMRC are to be introduced from 1 November 2020. These changes will mean that HMRC will be able to charge anyone using a business debit card a fee for making certain payments.

The fee for using a business debit card from 1 November 2020 is difficult to calculate but is essentially comprised of three elements. These are the merchant acquirer fee, the interchange fee and the scheme fee. The charge is designed to cover the costs incurred by HMRC in accepting payment by a business debit card. 

There are already rules in place where charges are levied for payment by corporate, business and commercial credit cards. HMRC has not accepted personal credit cards since January 2018 when credit card surcharges on personal credit cards were banned. Payment by personal debit card is currently fee-free. There is also no charge for payment by Direct Debit, bank transfer or cheque.
 

Source: HM Revenue & Customs Tue, 11 Aug 2020 05:00:00 +0100

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

> SIGN UP FOR THE NEWSLETTER
> LOGIN

Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK