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VAT PAYMENTS TO HMRC: CHANGE OF BANK ACCOUNT DETAILS |
HMRC used to have a single bank account with The Bank of England for receiving VAT payments. But from 8 July 2009 this is changed and is now more complex. HMRC are already anticipating difficulties, expecting that some “banks will not to be able to make the change immediately”.
The good news is that HMRC have confirmed that, if you make payments to the old bank account details “for a short period” after the change, this payment will still be accepted. But in any case, we will as usual notify our clients of HMRC’s new bank details whenever their VAT returns are payable. Meanwhile, as an overview of the new system:
> There is one HMRC bank account for payments from a UK bank account to HMRC, whether made via CHAPS, BACS Direct Credit, internet or telephone.
> There are three other HMRC bank accounts. Payments from an overseas bank account must select the correct one from these three bank accounts, depending on whether the payment is a BACS in Euro, a CHAPS in Euro, or any payment in a currency other than Euro.
> Payment can still be made by post to the new UK VAT returns address, via a cheque made out to “HM Revenue & Customs only” followed by the 9-digit UK VAT registration number.
> A separate system is used for Bank Giro credits.
> A separate system is used for payment by credit/debit card.
Finally, HMRC reminds UK VAT registered businesses that any electronic VAT payment must include the UK VAT registration number in the “reference” of the payment. The 9-digit number must appear without the country code (“GB”) and must have no gaps between the numbers. Otherwise there could be a delay in recording the receipt at HMRC, or the payment might not be recorded at all.
If you have any queries regarding the new bank details of HMRC, please do not hesitate to contact us.
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