Reply to: Business bank maximum daily payments

[bledubd]

Payment Limit Increase

Just go to the bank and ask to see a business manager. I have a separate business which does imports and the bm actually suggested that I set the limit to 20K which I did on account opening. I then updated the limit on the contracting account

[thunderlizard]

I had a 1k limit on my HSBC account for a while, then got it raised to 2k. I split payments to HMRC all the time, and never had any problems. You just need to be careful and get the extra numbers on the end of the reference code right.

[contractoralan]

I can just stroll down and hand it in.

If you do not want an increase to be permanent, then you can request the staff to make a payment from your account. There is no 10K restriction when you do in person. Just remember to carry an id.

[d000hg]

it will take any amount

No it doesn't. I tried to date it next week and it made no difference.

I could no doubt rig up a fax through my PC, but HSBC have a branch in my town so maybe I can just stroll down and hand it in.

[tarbera]

forward date the payment 1 day

it will take any amount

[Lumiere]

I know it sounds like a simple reply from me, but try ringing up the bank and speak to your business manager

WHS

The limit was raised within an hour (HSBC). But you do have to be registered for phone banking.

[Disappointed]

I'm with HSBC and had the same issue with my corp tax, but I just followed the instructions and sent in a "Form 5 – Limit Amendment Request" and when I checked a week or two later the limit had been raised to the requested 20k.

You can find the form at Redirecting.

[Scrag Meister]

My HSBC account has a £10k cap on daily payments which is rather screwing with sending a CT payment. I suppose I could split it but I don't want to!
Do your banks have similar limits and if so have you managed to get them raised when needed?

I'm with Lloyds and have the same issue.

Just split it, it only takes a couple of minutes. I always split the CT payment, 10ks + the remainder.

[Support Monkey]

Can you send it via chaps, these are designed for large payments as they get checked at both ends, recently did one online for 147k no problem

Although you will get charged for this

[SueEllen]

Fax?! Bugger.

Yes fax

The UK banking system is antiquated in some respects.

[d000hg]

I've had a similar thing with PAYE where I used a ref-number from an old letter without realising they changed the code each year - I got a late payment letter but luckily they were very helpful on the phone and updated it there and then.

[malvolio]

Might be tight for time this payment but thanks.

Presumably if I send multiple payments with the same HMRC reference on subsequent days, their system will know what's going on?

Theirs might but HMRC's won't. mad

I got stung with a late payment charge last year depsite having paid my CT in time in full, albeit in two bits. They'd taken the first one correctly then allocated the second one to the following year and billed me for the missing payment for the current year. Took a month or so (and two further penalty charge letters from them for money I didn't owe them) to get that sorted out.

So if you can persuade the bank to do it in one hit, it's worth it.

[d000hg]

You can request a limit increase by faxing Form 5 (downloadable from Payments-> Request increase daily limit) in BIB.

Fax?! Bugger.

[SueEllen]

Might be tight for time this payment but thanks.

Presumably if I send multiple payments with the same HMRC reference on subsequent days, their system will know what's going on?

Yes.

There is no issue there.

I often do BACs payments in two or more payments on consecutive days it's no big deal. The only thing you need to ensure is that you have left enough time for the payments to be credited.

With regards to HMRC they may send you out an record of your CT account without all the payments on it but within a week they will send out a second one with the correct amount.

Anyway if you fax HSBC now they should give you authorisation in a couple of hours. Alternatively use telephone banking as already suggested or pay on HMRC's website with your debit card.

[contractoralan]

My HSBC account has a £10k cap on daily payments which is rather screwing with sending a CT payment. I suppose I could split it but I don't want to!
Do your banks have similar limits and if so have you managed to get them raised when needed?

You can request a limit increase by faxing Form 5 (downloadable from Payments-> Request increase daily limit) in BIB.