10k daily payment limit HSBC business A/C

[AtW]

If you setup a direct debit with HMRC you can instruct them to take the whole amount in one go. Only catch is its not automatic and it caught me out this year and I ended up paying a small amount of interest after being 9 days late.

A bigger catch is giving ability to HMRC to take money from your account at will with that direct debit.

One mistake on their part and then you might need to spend long time dealing with it to get your money back. It's much better to send what you owe manually.

Very odd that HSBC banking limits are so long - in Lloyds it's possible to do £100k per transfer, £250k per day...

[TheCyclingProgrammer]

A bigger catch is giving ability to HMRC to take money from your account at will with that direct debit.

One mistake on their part and then you might need to spend long time dealing with it to get your money back. It's much better to send what you owe manually.

Very odd that HSBC banking limits are so long - in Lloyds it's possible to do £100k per transfer, £250k per day...

I'm pretty certain the direct debit agreement and direct debit guarantee means HMRC explicitly do not have that right.

[Waldorf]

I'm pretty certain the direct debit agreement and direct debit guarantee means HMRC explicitly do not have that right.

Yes, the Direct Debit guarantee enables you to immediately recall any payment that you are not happy with. Much safer than a standing order which once it has been paid, cannot be recalled.

[SueEllen]

Yes, the Direct Debit guarantee enables you to immediately recall any payment that you are not happy with.

Yes it does as your relationship is with the bank not with the organisation or person the money is given to. Both the financial ombudsman and courts have made rulings stating this.

I've used this in the past when broadband and mobile phone providers have tried to help themselves to funds in my bank account. Some companies will even reset up cancelled direct debits to do this. I told my bank(s) in no uncertain terms to that they needed to refund me. The bank may tell you to go to the organisation for the refund but you simply tell that you will be speaking to the financial ombudsman service.....