10k daily payment limit HSBC business A/C

[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.....

[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.

[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.

[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...

[PerfectStorm]

20k on NatWest

[MrMarkyMark]

Good to see HSBC fighting, the good fight, against money laundering.

[BrilloPad]

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.

[DelboyTrotter]

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)

[TheCyclingProgrammer]

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.

[WilsonPiper72]

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.

[m0n1k3r]

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).

[Kenny@MyAccountantFriend]

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

[JB3000]

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.

[manjack]

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.