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HMRC has announced that, as from 1 April 2010, all cheque payments by post will
be treated as being received on the date when the cleared funds reach HMRC''s
bank account.
This means that VAT businesses which can still pay by post must allow enough
time for the payment to reach HMRC and to clear no later than the due date shown
on the relevant VAT return.
Any cheque payments that do not clear by the due date could be liable to a
surcharge for late payment.
HMRC stressed that electronic payments, even when not obligatory, give firms up
to seven extra calendar days to pay or, if the payment is made by direct debit,
at least ten extra calendar days.
The change does not affect any cheque payments made by Bank Giro.
Source: Credit
Control Journal
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