HACKED!!!

Read more...

Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

HMRCs High Net Worth Unit brings in 1 billion

Read more...

Tax fugitive captured and jailed.

Read more...

Update on Registering as self employed

Read more...


Call us now on 023 8083 6900 ABDS Home

News - 30 March 2009

TAXMAN SWITCHES BANKS

H M Revenue and Customs (HMRC) will be changing its banking arrangements during 2009.

Later this year the Bank of England will cease to handle HMRC's bank transactions. Instead the partly nationalised RBS will take over the job and will share the duties with Citibank. The change is being phased in during 2009 so no immediate action is required but you should be prepared.

No details of the new account details have been published yet but the guide below tells you what action you will need to take when the time arrives.

DIRECT DEBIT: No action is required by the taxpayer. Existing direct debits will remain valid and HMRC will notify your bank of the changes.

DIRECT PAYMENT: If you use BACS or CHAPS you will need to inform your bank of HMRC's new sort code, account number and account details.

ELECTRONIC BANKING: If you use your bank's online payment system you will need to enter HMRC's new bank details as described for the "Direct Payment" method. Some banks provide a list of common payees on their website that includes HMRC. In this case the bank will have updated the information for you and no further action will be required.

BILLPAY: This is the government's online payment system. If you use this system the changes will all be done at HMRC's end, so you won't have to worry about the changes.

POST: There will be no change if you make payments by post. Just ensure that you always write you tax reference number on the back of the cheque.

IN PERSON: If you pay your tax at the bank or Post Office you will need the tax payslip from HMRC, which will have the new bank details on it.

Please remember that once HMRC has changed banks all old payslips will be out of date as they will show the wrong account details. Therefore it is important to make sure that you use a current payslip following the change.

« Back to News