Business News

Changes to VAT payments by post

Stratford-based accountants, Murphy Salisbury, are warning businesses which still make VAT payments by post that, as of 1 April, all cheque payments will now be treated as having been received on the date when cleared funds reach the bank account of HM Revenue and Customs (HMRC).

This means that anyone paying by post must ensure they allow enough time for the payment to reach HMRC and for the funds to clear before the due date on the VAT return.

Paul Salisbury from the firm said “Any cheque payments that do not clear by the due date could be liable to a late payment surcharge, even if the cheque has physically reached HMRC by that time.

“HMRC has stated this change does not affect cheque payments made by Bank Giro. It has also reminded businesses that paying electronically gives firms up to seven extra calendar days to pay, or ten days if paying by direct debit”.

To find out more about how working with our leading firm of accountants in Stratford-upon-Avon and Warwickshire can help you, please contact us.