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CoT are launching Bill Pay…
“Pay any bill easily, even if vendors don’t accept credit cards – for just a 2% fee
Earn 1% back in reward points that you can redeem for cash, gift cards, or Avios if you have a Business Rewards card”So for a £10,000 spend you’d pay £200 (slightly offset by the tax saving) to get 10k Avios.
Basically in line with all other avenues, is the hive mind wisdom that if you can get 2p of value from an Avios it’s better than not earning from HMRC?
More competition is always welcome. Though charging 2% when it costs them 0.5% is still a bit too much.
I assume this is geared towards those who can write off the charges in their company accounts and save corporation tax. Your net cost is much lower.I got the email for approval to Bill Pay today. To be honest, though i got a little excited about the possibilities in paying HMRC via this new feature, it’s kind of pointless (pun intended). I soon remembered I can already pay business taxes to HMRC with – COT directly with the card and at lower 1.7% fee
Still, it definitely might be a useful feature for businesses managing cash flow with suppliers here and there
Tax saving is perhaps 20-40% depending on how you withdraw from the business
You can still buy them cheaper from BA.
However if you pay for invoice factoring already then this might provide 30-45 days credit for a lower cost?
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