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Tax Tip

HMRC and the Faster Payments Service. Jan 2012

From 16 December 2011 HM Revenue & Customs (HMRC) will be able to accept payments made using the Faster Payments Service.

The Faster Payment Service (FPS) is a service that has been introduced by the banking industry for sending payments initiated by internet/telephone banking and standing order. The beneficiary receives the payment on the same or next day, provided that the value of the payment does not exceed the limit set by the bank sending the payment.

What you need to do before making a payment using FPS
You will need to contact your bank/building society to check:

 that they are part of the scheme
 any single transaction and daily value limits
 cut-off times for processing payments using FPS

Stuart Coleman, Manager of the Tax Department of ABDS says:

“You must ensure that payments reach HMRC’s bank account by the due date, or another date agreed in advance with HMRC. Payments received after this time could result in a late payment interest, surcharges or penalties being charged. HMRC will not waive these where payments are late because you haven’t made sure payments will reach them on time. If in doubt, contact us at ABDS and we can file your VAT and Tax payments electronically on your behalf once you have completed the necessary authority forms from HMRC. We will also require all your information in good time before the due date for the Tax/VAT return, so we can calculate the amount due and tell you what to pay to ensure the return and payment.”

If you have any questions about VAT or other Tax payments, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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