Corporation Tax. Question re paying

[Phooey]

Just a quickie re paying CT - if your bank only allows you to make maximum internet-banking payments of say £10k per day, and CT is more than this maximum, can you make 3or4 payments? For example £10k today, £10k tomorrow, £10k day after etc etc until CT paid in full.

Cheers

[Eric Mc]

Are you asking if HMRC allows it or if your bank allows it?

[Phooey]

If HMRC allows it. First year of paying CT since becoming LTD and only just started doing payments by Internet. Usually prefer writing cheques.

[road_rager]

yes you can pay in separate lumps, just make sure you put the correct reference on the payment each time

[JamieBeeston]

or just make a single CHAPS payment.

[Eric Mc]

And make sure all the payments are with HMRC BEFORE the statutory payment date. Otherwise, HMRC will charge interest on any balance unpaid at the due date.

[Phooey]

Not due till 1st Jan. I'll prob pay next wk - get it out the way. CHAPS costs £30 with my bank I think? Other option is just pop into my bank and write a cheque like in the olden days..

[sumo69]

So your asking if HMRC would be happy to take repeated payments from you.....

Just set up a few daily payments on your internet banking - job done. HMRC use faster payments so need to pay this early for a 1 Jan due date.

David

[Silverage]

I just pay mine via cheque at the Post Office. Usually a couple of days before the end of December so it's cleared by the due date.

[MagicalTrevor]

I pay mine on consecutive days. Never been a problem.

Or should I say "Worst 'I earn so much my corporation tax has to be paid in to payments' thread"

[theboss]

You can pay online with a debit card - https://www.tax.service.gov.uk/pay-online/corporat...

[trowelhead]

MagicalTrevor said:

I pay mine on consecutive days. Never been a problem.

Or should I say "Worst 'I earn so much my corporation tax has to be paid in to payments' thread"

Ha ha yes excellent humblebrag op

[Phooey]

trowelhead said:

MagicalTrevor said:

I pay mine on consecutive days. Never been a problem.

Or should I say "Worst 'I earn so much my corporation tax has to be paid in to payments' thread"

Ha ha yes excellent humblebrag op

I wish it was only 3or4 payments...

[Countdown]

Can you not phone your bank up and instruct payment that way?

IME the £10k limit is for online payment via same-day FPS, there's no limit for payments BACS "3-day" type payments.

[Big E 118]

Set mine up today for payments on consecutive days, never had a problem doing this before.

[NormalWisdom]

Always paid over 3 days, always about a fortnight late, never paid interest

[essayer]

At least £200k profit and saving £30 on CHAPS

[Piersman2]

Yes.

HTH.

[Sunnyone]

Ring your bank manager and ask for your online payment limit to be increased. There is no reason for it to be limited to £10k per day.

[trowelhead]

Phooey said:

I wish it was only 3or4 payments...

On a serious note, congrats on your very profitable year. Remember this is a great problem to have, nice big tax bill means you must be doing something right!