Firms get VAT payment change reminder

Businesses are being reminded that HM Revenue and Customs (HMRC) has changed its account details for VAT payments.

As a result VAT payments to HMRC need to be made to a new bank sort code and account number.

Anyone paying by BACS Direct, by internet or telephone banking or by CHAPS can find the new bank account number and sort code at http://www.hmrc.gov.uk/payinghmrc/vat.htm

Businesses that have stored templates or transactions when using online banking to make VAT payments may now need to update or replace the old details with the new code and number.

HMRC has said 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 account details, not all of them will have been able to make the changes immediately.

For a short period, therefore, businesses may need to continue to use the old Bank of England account details.

However, HMRC has reassured taxpayers that, if they do need to use the old details, the payments will still be received and credited to their VAT accounts.

Letters with details of the changes are being sent out to VAT registered businesses.

Date:7 October 2009

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