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Changes to bank account details for VAT payments. Pearson May News Update - Wednesday 8 July
- Changes to bank account details for VAT payments
- Worst of recession over but recovery will be tough
- Worst of recession over but recovery will be tough
- Changes to bank account details for VAT payments
Changes to bank account details for VAT payments
HM Revenue and Customs (HMRC) has announced that, as from 8 July, there has been a change to the bank account details for paying VAT.
In a statement, HMRC said that businesses will need the new details when making their payments.
Anyone paying by BACS Direct, by internet or telephone banking or by CHAPS can find the new bank account numbers and sort codes at http://www.hmrc.gov.uk/payinghmrc/vat.htm
However, HMRC warned that, although it has been working closely with the banks and building societies to make sure their systems are updated to reflect the new VAT bank account details, not all banks will be able to make the changes immediately.
For a short period, therefore, businesses may need to continue to use the old bank account details.
HMRC reassured taxpayers that, if they do need to use the old details, the payments will still be received and credited to their VAT accounts.
Once the bank or building society is ready to accept the new bank account details, businesses should arrange to update any templates or transactions that have been stored for online banking purposes, HMRC said.
Businesses that pay by bank giro should continue to use their current bank giro books. In due course, HMRC added, they will be issued with a new booklet which will show the new bank details on the bank giro slips. Until they receive their new booklet, businesses should carry on using the bank giro slips they already hold.
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