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The EU Payment Services Directive 2 came into effect on 13 January 2018. This new legislation removes the ability for HM Revenue and Customs (HMRC) to charge back fees for payments made by personal debit and credit cards to the customer.
Many organisations choose to fund their bills using personal credit cards as a stop gap measure. In 2016-17 there were some 454,000 personal credit card tax payments totalling £741m, which resulted in an estimated £3.2m of bank processing fees.
Do you currently or plan to use credit cards to fund your bill? New EU regulations restricts companies from passing on processing fees to customers and as of 13/1/2018*, payment of Vat and Tax bills using personal credit cards are no longer accepted by the HMRC as a valid payment method. We can help source suitable finance options for those that had planned on spreading the cost and avoiding payment penalties.