HMRC goes Faster!!

As we look forward to a New Year, we can expect an improved service from HMRC... they are now able to accept payments made using the ‘Faster Payments Service’.

This will allow taxpayers to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day.

Previously the problem was that a taxpayer could make the payment using his or her own bank’s faster payments facility, but HMRC couldn’t receive it faster – it still took around three days to arrive.

You should contact your own bank or building society before making a payment to confirm:

• The services available to you.
• Whether there are any single transactions or daily limits on the amount you can pay.
• The latest cut off times for making a payment.

When making a payment to HMRC you should make sure you always use the correct bank account details and reference number.

 If you need any help  making tax payments please contact our Tax team on 0845 365100 or email us at help@hsj.uk.com