- August 11, 2020
- Posted by: mardenco
- Category: General
New credit card fees for paying HMRC are to be introduced from 1 November 2020. These changes will mean that HMRC will be able to charge anyone using a business debit card a fee for making certain payments.
The fee for using a business debit card from 1 November 2020 is difficult to calculate but is essentially comprised of three elements. These are the merchant acquirer fee, the interchange fee and the scheme fee. The charge is designed to cover the costs incurred by HMRC in accepting payment by a business debit card.
There are already rules in place where charges are levied for payment by corporate, business and commercial credit cards. HMRC has not accepted personal credit cards since January 2018 when credit card surcharges on personal credit cards were banned. Payment by personal debit card is currently fee-free. There is also no charge for payment by Direct Debit, bank transfer or cheque.