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10k daily payment limit HSBC business A/C

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    10k daily payment limit HSBC business A/C

    My HSBC business A/C has 10k daily payment limit and I need to make a corporation tax payment of around 16k. Is it okay to spread the payment over 2 working days and use the same reference number. I am slightly worried that making 10k payment today and the remainder tomorrow might complicate things at HMRC's end.

    Anyone else been in the same situation?

    The alternative is to go to a branch and request them to increase the limit by signing a paper form which I am told takes 2 days.

    #2
    Originally posted by manjack View Post
    My HSBC business A/C has 10k daily payment limit and I need to make a corporation tax payment of around 16k. Is it okay to spread the payment over 2 working days and use the same reference number. I am slightly worried that making 10k payment today and the remainder tomorrow might complicate things at HMRC's end.

    Anyone else been in the same situation?

    The alternative is to go to a branch and request them to increase the limit by signing a paper form which I am told takes 2 days.
    Paying in installments is fine and quite normal. As along as you use the correct reference number(s) your payments will be allocated correctly regardless of the number of installments. Many people, especially those with large bills or those struggling to pay their tax, pay in installments. HMRC can be pretty useless at times but they are not that useless.

    Comment


      #3
      This is common for company bank accounts, if you use the same reference for multiple payments it will be fine.

      Comment


        #4
        Originally posted by manjack View Post
        My HSBC business A/C has 10k daily payment limit and I need to make a corporation tax payment of around 16k. Is it okay to spread the payment over 2 working days and use the same reference number. I am slightly worried that making 10k payment today and the remainder tomorrow might complicate things at HMRC's end.

        Anyone else been in the same situation?

        The alternative is to go to a branch and request them to increase the limit by signing a paper form which I am told takes 2 days.
        You could also increase your payment limit. There is a form for that in HSBC online banking. Just click on one of the payment types you don't have access to, such as CHAPS. You will be shown a link to a form that you can fill out, print and post to your HSBC branch to change your daily payment limit, up to £100k a day, and also enable the other payment types (BACS, CHAPS and international).

        Comment


          #5
          Originally posted by manjack View Post
          My HSBC business A/C has 10k daily payment limit and I need to make a corporation tax payment of around 16k. Is it okay to spread the payment over 2 working days and use the same reference number. I am slightly worried that making 10k payment today and the remainder tomorrow might complicate things at HMRC's end.

          Anyone else been in the same situation?

          The alternative is to go to a branch and request them to increase the limit by signing a paper form which I am told takes 2 days.
          Yes I bank with HSBC and I have paid corp. tax in two tranches!
          Ta.
          W.

          Comment


            #6
            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.

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              #7
              I'm also with HSBC and pay using my business direct debit card (I usually phone HSBC ahead to make them aware of a large payment being made so they don't block it)

              Comment


                #8
                Originally posted by Kenny@MyAccountantFriend View Post
                This is common for company bank accounts, if you use the same reference for multiple payments it will be fine.
                It is common for all bank accounts.

                Comment


                  #9
                  Good to see HSBC fighting, the good fight, against money laundering.
                  The Chunt of Chunts.

                  Comment


                    #10
                    20k on NatWest

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