How could new “open banking enhancements” benefit your business?

Your business could benefit from a new scheme being run by HM Revenue & Customs (HMRC).

The newly introduced “open banking enhancements” allow businesses to reduce their immediate paying obligations and pay their tax bills in manageable portions.  

Managing taxes efficiently is crucial for any business and the ability to schedule payments means that the cash flow burdens of early payments no longer need to affect your business finances.  

Which taxes can be scheduled? 

You can now schedule your payments for: 

Although currently unavailable, HMRC also plans to introduce scheduled payment services for: 

Advantages of scheduling tax payments for your business 

Direct Debit payments 

Setting up a Direct Debit to pay your tax bills is simple and has many of the same benefits as scheduling singular payments.  

To do so, log in to your HMRC account, navigate to the relevant tax section, and follow the prompts to set up a new Direct Debit instruction.  

Once set up, you’ll receive confirmation, and future payments will be automated, simplifying your obligations and reducing your financial stress. 

Using HMRC’s Direct Debit and scheduling services offers several benefits like convenience, improved cash flow management, and ensured compliance.  

Simplifying tax payments allows you to focus on what matters most – running your business successfully.  

A qualified accountant can help you set up scheduled payments through the new “open banking enhancements” and streamline your tax paying obligations. 

To receive expert advice on simplifying your tax payments, please contact one of our accounting team.  

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