Business bank maximum daily payments

[d000hg]

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?

[craig1]

Most banks have the £10k limit and won't increase it unless you're a good deal bigger than a contractor's personal service company.

If you know it's coming, send them a written authorisation in advance instructing them to make a payment on that date. It'll get journalled and done. Most banks will do this easily and for free.

[d000hg]

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?

[Mr.Whippy]

Cater Allen don't seem to have a £10k limit. I've never had a problem sending way more than that and I've not had to write to them in advance.

[craig1]

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?

Could be worth calling them and doing a telephone payment. It's not as if you're paying money offshore or anywhere dodgy, it'll be going to one of the recognised HMRC accounts.

[Craig@Clarity]

I know it sounds like a simple reply from me, but try ringing up the bank and speak to your business manager if you have one. Ask them to simply increase the limit giving them a reason as to why it needs to be bumped up. From experience it worked. If that doesn't work for whatever reason, although a pain, you'll need to plan ahead and make 2 payments or write a cheque.

[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.

[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.

[d000hg]

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

Fax?! Bugger.

[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.