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HMRC aiming to eliminate cheques

HMRC-aiming-to-eliminate-cheques-from-2017

As part of HMRC’s ongoing cost-cutting, they have recently stated their aims to eliminate cheques.

However, there is a portion of the population who still use cheques regularly so this may take some time.

Paying HMRC
In the past people would use the HMRC payslip received in the post to either pay at their local bank or send a cheque in the post.

HMRC would prefer that people make payment by bank transfer instead, as it reduces their costs.

If you don’t have a payslip then one can be created online using HMRC’s website – however this can only be used to post a cheque, and cannot be used within a bank.

Should you be making payment online, it is important to make sure you have the correct account for personal tax and to quote your UTR tax reference number(with K added at the end) as the payment reference.

Repayments from HMRC
In previous years you would receive a letter from HMRC with confirmation of the repayment amount and a cheque on the bottom.

Again, to reduce costs, HMRC would prefer that repayments are made direct to your bank account.

In order to achieve this, your bank account details can be added to the tax return before submission.

If the return has already been submitted, then they can be entered online as part of a repayment request.

At present for online repayments HMRC will still send you a letter confirming that repayment has been made.

In the past the quickest I have seen a repayment issued by cheque was around one week after the return had been submitted online (at a quiet time of year) – I wonder if the new bank repayment methods will improve the repayment time?

I would also expect HMRC to drop the postal confirmation of repayments made direct to the bank in future.

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Accountant in Surrey

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I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

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Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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