HMRC Introduce a new way to pay VAT!
If you submit your VAT return online as most companies now have to, then you have to make any payment due electronically.
As from 16th December 2011 HMRC have announced they will be able to accept payments made using the Faster Payment Service (FPS)
This is a system that’s been introduced by the banks to allow payments made by telephone or internet banking to be received on the same or next day, meaning you could have that little extra time to pay.
Before you decide to pay using this method you must check with your bank that they are part of the scheme, any daily limits they have set and any cut off times they have.
It is also your responsibility to use the correct bank account details and reference number, so checking all of these factors should ensure that your payment is received on time.
Any payments received late, even when using this system could still result in late payment interest, surcharges or penalties.
Visit this link for Participating Banks and Limits
http://www.ukpayments.org.uk/faster_payments_service/value_limits/
