Paying corporation tax on credit card

[codecowboy]

Hi,

My corporation tax is due on October 1st this year and its possible that I won't have enough in my company bank account to cover it (I have a VAT registered limited company).

I understand that it is possible to pay by credit card. Can this be done on a non-company i.e. personal credit card? Obviously I will be trying to avoid doing this but knowing it is an option would give me peace of mind.

I have also have a friend who simply told the tax office that he was unable to pay and was allowed to pay in installments. Does anyone have any experience of this or know of any negative consequences of doing this? e.g. you end up on a blacklist, get investigated, thrown in the tower etc.

thanks for any replies!

<cC>

[d000hg]

If you expect to have the funds soonish, I'd explain and ask in case they can show leniancy. And ask your accountant.

[NotAllThere]

You can pay with your own money, but you need to record the transaction in the Director's Loan account.

[maxima]

Although I dont know the answer but I'd recommend tp call your tax office and discuss the situation. Ask the credit card and the installments question directly to your taxman. They are not going to bite you.

Just dont stress too much.

Cheers

[SackmanandCo]

There is no problem paying company liabilities personally. When the Company has cash flow, it can re imburse you. It is possible to set up an arrangement to pay by installments. It wont give you a black mark but I would recommend the former. If you need further help, email me directly [email protected]

[BlasterBates]

Try this link:

http://www.direct.gov.uk/en/MoneyTax...rn/DG_10013560