Time for businesses to get their Christmas payments all wrapped up

13 December 2018

Businesses across the country are being urged by Bacs to plan ahead if they have essential payments to make over the Christmas and New Year periods.

Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK and now part of leading UK retail payments authority, Pay.UK, is reminding businesses to make plans to ensure staff and suppliers don’t miss out because of the non-processing days over the festive period.

For example, if payments are scheduled to reach recipients on Christmas Eve (Monday 24 December), then the last submission date to ensure money arrives on time is Thursday 20 December.

For payments due to arrive in accounts on Thursday 27 December, then the latest date that Bacs payment files can be submitted is Friday 21 December.

Similarly, if business owners are intending to pay staff or suppliers before the New Year, the payment process must begin on Thursday 27 December at the latest. If money is due to arrive on the first working day after New Year’s Day (2 January), then the last submission date is Friday 28 December.

In order to help businesses stay one-step-ahead of their payment obligations, Bacs has produced handy payment processing calendars for 2018 and 2019.