Need a solution for paying tax to HRMC

sterling30

Scenario:

- Can't afford tax bill.

Assets:

- I have a credit card (CC1) with enough credit to pay the tax bill.

- I have a brand new credit card (CC2) with a 0% balance transfer offer waiting to be used.

- I have a Curve card with the 'Standard' plan (no fees).

Problem:

1. HMRC's payment plan offer doesn't work for me. I need more time.

2. HMRC do not allow payments by credit card, so I can't pay with CC1 (and then do a balance transfer to CC2).

Option 1:

I can pay HMRC with the Curve card, choosing CC1 as the desired payment source, and then transfer the balance from CC1 to CC2 using the 0% offer. BUT, Curve charge 1.5%. I want to avoid any additional payments, so this is not a desired option.

Is there another way?

Say for example I was able to borrow the money. Let's say one person were able to deposit the full amount into my business account (which has a debit card only). I'd be able to pay HMRC via my business account, but how do I pay the person back and end up with the money on my CC2 being paid back monthly on the 0% balance transfer offer? I almost need to be able to pay the person back via CC1 but I don't think it's possible to pay a person via a credit card... certainly not for free...  is it?

Thanks for any advice.

MrFrugalFever

My immediate thought is that you would need a Money Transfer credit card offer (be wary if fees), to achieve what you are trying to achieve, however, you’re not guaranteed to get the limit or card.

Alternative options;

Depending on your CC provider, you could try a small amount deposited in to NS&I via curve card. If NOT treated as cash, might be an option?

Upgrade curve card to ‘metal’? I’m a bit out of the loop with curve so unsure whether the fee still applies?

Head on over to debt free wannabe board.

eskbanker

Credit cards aren't really 'assets' as such, just sources of liabilities!

I suspect that the Curve option will be the best bet, as your aspirational desire for an entirely free source of credit is likely to be an unachievable Holy Grail....

sterling30

MrFrugalFever said:

My immediate thought is that you would need a Money Transfer credit card offer (be wary if fees), to achieve what you are trying to achieve, however, you’re not guaranteed to get the limit or card.

Alternative options;

Depending on your CC provider, you could try a small amount deposited in to NS&I via curve card. If NOT treated as cash, might be an option?

Upgrade curve card to ‘metal’? I’m a bit out of the loop with curve so unsure whether the fee still applies?

Head on over to debt free wannabe board.

Curve wants £14.99 per month for METAL. So that's pointless.

What's NS&I ?

sterling30

eskbanker said:

Credit cards aren't really 'assets' as such, just sources of liabilities!

I suspect that the Curve option will be the best bet, as your aspirational desire for an entirely free source of credit is likely to be an unachievable Holy Grail....

Indeed. I just used that word quickly as I couldn't think of anything else. It is meant in the context of what I have at my disposal.

Curve in 2019 was free.

sterling30

Is it possible to do a balance transfer from an overdraft on a business account?

sterling30

No, apparently not.

I'm not usually beaten. There must be a way...

molerat

Money Transfer from CC1 or CC2 a possibility ?

eskbanker

molerat said:

Monet Transfer from CC1 or CC2 a possibility ?

Are they embossed cards that can be used for impressionist payments?

_Penny_Dreadful

This is not a financial solution but I have found my MP to be helpful when dealing with HMRC.  You are willing to pay your tax bill but you just don't have the funds available so see if your MP will write to HMRC setting out a payment plan that you can afford. 

[Deleted User]

Or speak with your accountant, they'll, probably, find a solution that works best.