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You can pay your 31 January tax bill faster

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12 January 2012

If you need to make a last minute tax payment you will be interested to know that HMRC are now accepting payments made using the Faster Payments Service. This allows you to make faster electronic payments, typically via the internet or telephone banking, enabling them to be processed on the same or next day.

Based on an EC directive banks and building societies must offer the Faster Payments Service from 1 January 2012. However, as there may be restrictions, before relying on the service you should contact your bank or building society to check:

• the service is available to you;
• any single transaction or daily limits on the amount you can pay; and
• their latest cut off times for making a payment

When making a payment to HMRC you should make sure you always use the correct bank account details and reference number. This will ensure that your payment is received, and will help you to avoid incurring a penalty, interest or surcharge for late payment.