Send Tax Payments to new HMRC Account
HM Revenue & Customs (HMRC) has reminded businesses to ensure they have entered the correct bank details before making any tax payments, as it has moved bank accounts.
Failing to do so could incur a penalty, an HMRC spokesman warned, and it is up to individual businesses to make sure they get the details right.
Since the new accounts were introduced, HMRC has continued to accept payments made using its old account details, but from 1 January 2010, the new account details must be used.
Businesses may be charged a penalty if payment is not received by any agreed tax deadline ? 31 January in the case of self-assessment tax returns submitted online.
“The majority of businesses will not be affected by the change in bank accounts as most make their tax payments by direct debit, and we have notified banks of the new instruction,”
an HMRC spokesman said.
“However, businesses which pay HMRC by bank giro should make sure they are using a new payslip, as payslips containing HMRC’s old Bank of England account details can no longer be used,” he added. “Firms with old payslips should contact their local HMRC office to arrange for new ones to be sent.”
Businesses making electronic payments by BACS Direct Credit, Internet/telephone banking or CHAPS should also ensure that HMRC’s account details are updated and correct.
For more information about the changes and to check HMRC’s new account details, visit www.hmrc.gov.uk/payinghmrc/bank-account-mig.htm