tax payments

Send Tax Payments to new HMRC Account

Send Tax Payments to new HMRC Account

HM Revenue & Customs (HMRC) has reminded businesses to ensure they have entered the correct bank details before making any tax payments, as it has moved bank accounts. Failing to do so could incur a penalty, an HMRC spokesman warned, and it is up to individual businesses to make sure they get the details right. Last year, HMRC shifted its banking arrangements from the Bank of England to Royal Bank of Scotland and Citibank and as a result its banking details have changed. Since the new accounts were introduced, HMRC has continued to accept payments made using its old account details, but from 1 January 2010, the new account details must be used. Businesses may be charged a penalty if payment is not received by any agreed tax deadline ? 31 January in the case of self-assessment tax retur... »

Firms allowed to delay Tax Payments

HM Revenue & Customs (HMRC) has launched a business payment support service which allows struggling firms to defer their business tax bills. SMEs finding it difficult to pay income tax, VAT, corporation tax and National Insurance contributions can get in contact with HMRC to arrange an affordable payment timetable, allowing them to make payments over a longer period. Where a deferment has been made, HMRC will not apply any late payment surcharges, although interest will be charged on outstanding amounts. Because HMRC rates of interest are generally lower than rates offered by many high–street banks, tax experts are predicting that there will be a rush to defer payment from firms suffering cashflow problems. According to HMRC, £3 billion in tax could be deferred over the nex... »