HM Revenue & Customs (HMRC) has issued a special notice about the electronic PAYE payment date for period ended September 5 2012, as the due payment date of September 22 falls on this coming Saturday.
The department is clear that payment must be received by the 22nd but only electronic payments sent using the Faster Payments Service are able to clear into the HMRC account on a non-banking day, which are Saturdays, Sundays and most Bank Holidays.
However, HMRC can now accept payments using the Faster Payments Service and will receive payments made using this service on the same or next day.
Faster Payments is a service that has been introduced by the banking industry for sending payments initiated by internet or telephone banking on the same day, providing the value of the payment does not exceed the value limit set by the sending bank.
HMRC have warned, that anyone attempting to pay via this method should contact their bank or building society before making each payment and they will confirm whether the service is available for that payment and explain how it works.
Other fairly rapid methods to pay include Bacs Direct Credit, which is when a customer’s payment is transmitted by Bacs direct to HMRC’s bank account. However, this service is only available for customers whose businesses are authorised by their bank to submit files direct to Bacs.
It normally takes three bank working days for a payment by Bacs Direct Credit to reach HMRC and bank working days are Monday to Friday excluding bank holidays.
A further option could be to pay via internet or telephone banking, just remember to enter HMRC’s bank account details, your own reference and the amount to pay.
As an accountant, Simon Denton specialises in providing PAYE advice, support and guidance.