HM Revenue & Customs (HMRC) has rolled out a new initiative known as “open banking enhancements,” designed to make tax management more efficient for businesses.
This scheme allows you to break down your tax payments into manageable instalments, alleviating the financial strain of lump-sum outgoings.
Using their scheduling service, you can organise your payments to HMRC early whilst retaining the cash in your accounts for continued use.
Taxes eligible for scheduled payments
The taxes you can currently schedule include:
Additionally, HMRC plans to extend this service to:
Why should you opt for scheduled tax payments?
Setting up Direct Debit payments
To establish a Direct Debit for your taxes, simply log into your HMRC account and follow the on-screen instructions in the relevant tax section.
Once confirmed, this will automate future payments, easing your financial responsibilities.
Consulting a qualified accountant can guide you through the process of setting up scheduled payments within the scope of these new “open banking enhancements.”
A tax expert can simplify your tax obligations and allow you to focus on your core business activities.
By leveraging HMRC’s Direct Debit and scheduling services, you can enjoy benefits such as improved cash flow, reduced administrative burden, and ensured compliance, allowing you to concentrate on successfully running your business.
For tailored advice on making your tax management more efficient, feel free to reach out to our accounting team.