HMRC have decided that they will not accept credit card payments after 13th January 2018 which is undoubtedly going to cause some tax payers cashflow problems when they receive their tax bill following their online return being processed
Tax return completed on time and just waiting for the tax man to confirm how much you owe before settling your bill on your credit card? This year you may be in for a nasty surprise as HMRC no longer allow tax payers to pay their tax bill on plastic.
Official figures last year reported that 454,000 tax payers paid their tax return using personal credit cards with tax payments totalling £741m. Of course many of these tax payers used cards as a convenient way to pay their bill without having to sign in to online banking or dust off their cheque book.
Many however used credit cards to give themselves longer to pay or to spread their payments over a longer period.
Following the new ban on credit card charges the HMRC have decided that they will not accept credit card payments after 13th January 2018 which is undoubtedly going to cause some tax payers cashflow problems when they receive their tax bill following their online return being processed.
The team at Elite Corporate solutions work with a number of lenders who can help by providing funds immediately that can be paid back whenever fits with your cashflow from one month to one year.
If you or your client requires some short term cashflow assistance from £3,000 to £350,000 contact the team at Elite Corporate Solutions today.
For more information contact us now on 01482 635400 or click here
By Anna Isaac, economics correspondent,
Hopes that a “dynamic movement” among small firms could solve the UK’s prolonged productivity crisis have been dashed after business owners said it was not a priority.
Just 7pc plan to make it a priority next year, with SMEs citing the state of the UK economy as a much greater concern.
Economic growth will average just 1.4pc over the next five years, according to the OBR, down from the 1.8pc it predicted in March.
The findings dampen hopes that a bottom-up productivity transformation could solve the UK’s biggest economic headache.
Sir Charlie Mayfield, chairman of the John Lewis Partnership, has argued that a “dynamic movement” involving thousands of businesses could add as much as £130bn in Gross Value Added to the UK economy each year.
Sir Charlie Bean, of the OBR, as well as the OECD think-tank have suggested that the productivity crisis is a far greater problem than Brexit for the UK.
Four times as many businesses are worried about a possible slowdown as a worry, a survey of more than 1,000 businesses by HSBC has shown.
It comes after productivity growth was revised down by the Office for Budget Responsibility for the seventh year in a row.
FAQ | Productivity
What is productivity?
Simply put, it’s the rate of output per unit of input expressed as the value per worker. The UK’s ONS measures this as the relationship between wage and labour costs on one hand and the value of goods and services on the other.
Is productivity important?
With low productivity, companies find it hard to award workers pay rises, so low productivity is associated with falling standards of living.
How is the UK’s productivity?
In short, not good. Low productivity has long been a bugbear of successive Labour and Conservative governments. In particular, the 2008 financial crisis put such a serious dent in productivity that the country endured almost a full decade of productivity stagnation.
UK productivity still remains some 30 per cent behind the United States and 18 per cent behind the G7 average.
What causes low productivity and can it be improved?
There are three factors that influence productivity and it’s useful to look at other national statistics to identify the correct culprit.
- Investment capital, or lack of it
- Technology, such as computer systems, assembly lines, transport and communications infrastructure
- Human capital, for example a skills shortage or lack of organisational expertise