Actual salary pay date?

[kingcook]

Hi all, and merry xmas!

I have set my salary pay date as the 30th of each month (bar February which is 28th). Sometimes however, i tend to initiate the BACS transfer a few days early _from_ my business account _to_ my personal account, so that my salary reaches my personal account either on or just before the 30th of the month.

Is there anything wrong in my methods?

What i mean is... would HMRC get arsey about this if they ever checked my business records?

[NotAllThere]

No. You are free to set and vary your pay date as much as you please.

[kingcook]

Cheers. I understand that i can alter my paydate whenever i wish.

But, say for example, if i initiate a BACS payment on the 27th, and it doesn't reach my account until the 30th, what is my pay date? 27th? or 30th? Or doesn't it really matter?

[NotAllThere]

Cast your mind back to when you were permie. Your pay day was when you got the money in your account. It was up to your employer to get it in at the right time.

It doesn't really matter. Why do you care enough to ask?

[kingcook]

Cast your mind back to when you were permie. Your pay day was when you got the money in your account. It was up to your employer to get it in at the right time.

It doesn't really matter. Why do you care enough to ask?

Yeah i remember when i was a permie that pay date on payslip = date the money appeared in my bank account (95% of the time).

And i care enough to ask because [should HMRC check through my records] i didn't want to get screwed for something not being accurate

Cheers for your help anyway

[Clare@InTouch]

The only thing to be careful of is paying early, as that effectively creates a loan to you. It's not a massive issue as the loan would be settled on the first day of the month when the wages actually become due, but just be aware of it.