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Forums Payment cards Other payment cards Best option to pay company VAT or Corporation Tax bill?

  • Ian 90 posts

    Have Capital on Tap and Amex Business Platinum and Curve Black etc.

    Not sure what HMRC charges with these cards to pay VAT or CT bill.

    But wondering if any other options apply.

    Or whether using say Bluechain is the best where they charge the card and pay HMRC directly.

    Looking for options to get points.

    Wiseoldman 220 posts

    the new Hilton Debit card might be a good choice if you like Hilton points. UK spend rate is not great but at least it gets you something. I saw Curve black is offering 5 multiple points but have not read details if HMRC payments backed by a debit card would qualify

    laughingplace 43 posts

    Curve 3k fronted a month. Virgin works for no-fee points on HMRC spend. CoT 1.5k a month (counted within the 3k fronted allowance) is also an option.

    Unfortunately I have a lot of HMRC spend (over 3k a month) that is currently not generating any points.

    Tesco card works I think but earning rate is terrible, I haven’t been bothered to do it

    Wiseoldman 220 posts

    the new Hilton Debit card might be a good choice if you like Hilton points. UK spend rate is not great but at least it gets you something. I saw Curve black is offering 5 multiple points but have not read details if HMRC payments backed by a debit card would qualify

    Ignore the Hilton card suggestion. No points for tax payments.

    roger 279 posts

    Have given up on earning points on these HMRC taxes since curve lowered the bar to £3K a month on metal card. Don’t think new Hilton would work points at HMRC.

    Mr. AC 74 posts

    Does Tesco still work? I paid recently for a car loan and no points in sight, thought I read here that HMRC was “fixed” as well.

    Ian 90 posts

    Curve 3k fronted a month. Virgin works for no-fee points on HMRC spend. CoT 1.5k a month (counted within the 3k fronted allowance) is also an option.

    Unfortunately I have a lot of HMRC spend (over 3k a month) that is currently not generating any points.

    Tesco card works I think but earning rate is terrible, I haven’t been bothered to do it

    Thank you.

    So is this Curve Black or Metal? I have Black version.

    Are you then linking the company COT card to that?

    3k is better than nothing I guess. I also believe we can prepay corporation tax and we get interest from hmrc.

    Chas 152 posts

    Curve 3k fronted a month. Virgin works for no-fee points on HMRC spend. CoT 1.5k a month (counted within the 3k fronted allowance) is also an option.

    Unfortunately I have a lot of HMRC spend (over 3k a month) that is currently not generating any points.

    Tesco card works I think but earning rate is terrible, I haven’t been bothered to do it

    Thank you.

    So is this Curve Black or Metal? I have Black version.

    Are you then linking the company COT card to that?

    3k is better than nothing I guess. I also believe we can prepay corporation tax and we get interest from hmrc.

    As far as I am aware you only get the interest on prepaid corp tax when it is paid c2.5 months before it is due. For me, with payments due on 1 Jan for a 31 March Y/E, only payments made from 16 Oct will earn interest. Earlier payments don’t accrue interest I’m led to believe.

    laughingplace 43 posts

    Curve 3k fronted a month. Virgin works for no-fee points on HMRC spend. CoT 1.5k a month (counted within the 3k fronted allowance) is also an option.

    Unfortunately I have a lot of HMRC spend (over 3k a month) that is currently not generating any points.

    Tesco card works I think but earning rate is terrible, I haven’t been bothered to do it

    Thank you.

    So is this Curve Black or Metal? I have Black version.

    Are you then linking the company COT card to that?

    3k is better than nothing I guess. I also believe we can prepay corporation tax and we get interest from hmrc.

    Curve Metal. Yep, CoT linked to Curve. Beware that over £1.5k a month through Curve -> CoT attracts high fees from Curve due to it being classed as commercial card.

    So I tend to do £1.5k CoT, £1.5k Virgin a month.

    CarpalTravel 383 posts

    As far as I am aware you only get the interest on prepaid corp tax when it is paid c2.5 months before it is due. For me, with payments due on 1 Jan for a 31 March Y/E, only payments made from 16 Oct will earn interest. Earlier payments don’t accrue interest I’m led to believe.

    Not correct:

    “The earliest date they’ll pay interest from is 6 months and 13 days after the start of your accounting period.”

    Source: https://www.gov.uk/get-refund-interest-corporation-tax

    I have done well out of this over the last couple of years. It always amazes me how accountants never mention it, shows how lazy/clerical they really are.

    https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates

    Chas 152 posts

    As far as I am aware you only get the interest on prepaid corp tax when it is paid c2.5 months before it is due. For me, with payments due on 1 Jan for a 31 March Y/E, only payments made from 16 Oct will earn interest. Earlier payments don’t accrue interest I’m led to believe.

    Not correct:

    “The earliest date they’ll pay interest from is 6 months and 13 days after the start of your accounting period.”

    I think you’re disagreeing with me over the sake of a day or two! I’m just counting backwards from when the payment is due (on 1 Jan), whilst you’re working forwards in line with the language on the link you quote.

    Source: https://www.gov.uk/get-refund-interest-corporation-tax

    I have done well out of this over the last couple of years. It always amazes me how accountants never mention it, shows how lazy/clerical they really are.

    https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates

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