Paying Salary out of Business Bank account.

[Bumble79]

Thank you all

[tarbera]

BACS

Hi,

I am going to pay my first salary out of my Business Bank Account. My accountant has mentioned the mode of transfer as BACS in my payslip. Now, is it required for me to set up BACS for paying out of my salary or would it be alright to just do an online transfer to my personal account.

I am a Tier 1 Visa holder and for my extension, when I submit my payslip and bank statement, would UKBA have an issue if there is a difference in the mode of transfer.

Any advice appreciated.

Thank you!

The Bank decides how the transfer is made, your online banking will just do an internal payment if within the same bank, (or even group), If outside the Group it will check if it can do a faster Payment (sort code FP enabled + within channel limits) if it can't to a FP it will check if it can do a BACS payment (payee sort code BACS enabled) and submit a 3 day BACS payment.

P.S
From the 01/01/2012 BACS payments like these are no longer allowed as outwith PSD 2012 Regs, and all payments will be made Faster Payments.

[Danielsjdaccountancy]

Hi,

I am going to pay my first salary out of my Business Bank Account. My accountant has mentioned the mode of transfer as BACS in my payslip. Now, is it required for me to set up BACS for paying out of my salary or would it be alright to just do an online transfer to my personal account.

I am a Tier 1 Visa holder and for my extension, when I submit my payslip and bank statement, would UKBA have an issue if there is a difference in the mode of transfer.

Any advice appreciated.

Thank you!

No issue with the mode of transfer, just ensure you pay salary consistently on the same date of each month.

[Craig@Clarity]

My guess is the word "BACS" on your payslip is simply a default setting on the payroll software used to produce them. In reality, it doesn't matter how you're paid. You can make a transfer from the company bank account to your personal account or write a cheque or set up a BACS. I don't think anyone will have an issue with the mode of transfer.

[Bumble79]

Hi,

I am going to pay my first salary out of my Business Bank Account. My accountant has mentioned the mode of transfer as BACS in my payslip. Now, is it required for me to set up BACS for paying out of my salary or would it be alright to just do an online transfer to my personal account.

I am a Tier 1 Visa holder and for my extension, when I submit my payslip and bank statement, would UKBA have an issue if there is a difference in the mode of transfer.

Any advice appreciated.

Thank you!