Don’t Get Caught Out By New HMRC Bank Details

According to recent newspaper reports, businesses have ended up missing their tax payment deadlines due to the HMRC changing its bank details for payments from overseas.

The missed deadlines will have resulted in penalty notices being issued as well as payments bouncing. The issue is affecting businesses that were due to make payments from February of this year and highlight the importance of having accountants who are able to keep track of such changes.

Some businesses owners who had missed payment deadlines through no fault of their own have struggled to make payments due to lack of knowledge of how to pay HMRC when deadlines for tax have passed.

Lack of awareness of the change in account details is unlikely to help the HMRC which has been reeling from cuts to its services and then pressure to raise tax revenues and combat tax avoidance.

The change in details relate to business using IBAN to pay their tax from abroad. 170 tax offices will eventually be replaced with 13 regional centres which it is hoped will improve efficiency, however this latest failure to notify some businesses will not help their cause.

One firm had a £6 million payment rejected and only knew this was the case when they received late payment notice.