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Forums Payment cards Capital on Tap Fee for HMRC payments

  • tontoro 108 posts

    Does anyone know what the fee for using a COT card to make HMRC payments is? Now that Curve Metal isn’t worth doing, I assume the fees of using straight COT are too high to bother with?

    The Savage Squirrel 594 posts

    Yes. It varies per card, so can’t give an exact figure, but try a dummy run and you will see that the HMRC fee for using a corporate credit card alone will destroy any value; and that’s before any fees at COT’s end…

    tontoro 108 posts

    Thanks, afraid this would be the case. Annoying Fronted has been hobbled, used to do £100k pa through it!

    Jonathans 128 posts

    I wouldn’t say “destroy any value” as it’s still tax deductible but yes, it’s now marginally more expensive than Curve. I don’t mind actually as it’s still a good way of extracting something (Avios) from my business spend.

    tontoro 108 posts

    I wouldn’t say “destroy any value” as it’s still tax deductible but yes, it’s now marginally more expensive than Curve. I don’t mind actually as it’s still a good way of extracting something (Avios) from my business spend.

    Would you mind telling me what the fees actually are when you do this?

    BLT 53 posts

    I tried my capital on tap card yesterday and fee was £17 on £1000 at HMRC so 1.7%

    tontoro 108 posts

    I tried my capital on tap card yesterday and fee was £17 on £1000 at HMRC so 1.7%

    thanks, just did the same myself. Not much point paying 1.7p per Avios…

    executiveclubber 303 posts

    Hmm.. combine the £99 CoT fee with the 1.7% and there surely is a better way to earn Avios with HMRC?

    First timers signing up do get 10,500 bonus Avios via HfP though, so it’s worth adding that to your calculations

    optomdad 15 posts

    Yes but if it for business taxes, there’s already a 32.5% saving. Then the Avios are worth 1p, then the cashflow that has been freed up also has value to those that need it/utilise their overdrafts

    Peter K 576 posts

    Yes but if it for business taxes, there’s already a 32.5% saving. Then the Avios are worth 1p, then the cashflow that has been freed up also has value to those that need it/utilise their overdrafts

    That 32.5% saving will depend on whether sole trader, rate of tax, ltd company etc of course 🙂

    tontoro 108 posts

    Yes but if it for business taxes, there’s already a 32.5% saving. Then the Avios are worth 1p, then the cashflow that has been freed up also has value to those that need it/utilise their overdrafts

    more like 1.15p. Even at 1p it’s pretty uninspiring, unless it’s not your money you’re buying them with…!

    chris@onlineedinburgh.co.uk 2 posts

    Where did I miss the notification for increased fees from Curve / COT for HMRC payments?

    kt74 48 posts

    Where did I miss the notification for increased fees from Curve / COT for HMRC payments?

    Nothing to do with COT, everything to do with Curve. You would have received an email in mid-September, where the additional fees were buried in the small print on a linked page

    There’s a lively debate on the “other payment cards” board, where Curve discussions reside: https://www.headforpoints.com/forums/topic/curve-changes-from-november-10th/

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