Businesses urged to plan for payments made over the Christmas and New Year holiday periods
08 December 2020
Pay.UK has published a press release, which is reminding companies that they must plan ahead, should they have crucial payments to submit over the Christmas and New Year holiday periods.
The BACS Direct Credit and Direct Debit payment services are run by Pay.UK, and the company is reminding businesses, irrespective of their size, to be mindful of non-payment processing days that occur over the festive period.
Several illustrative examples are provided as follows:
- If salaries, supplier payments, or bills are set to be paid or collected on 24 December 2020 (Christmas Eve), then the latest date that the BACS payment file can be submitted is 22 December 2020
- If funds are set to be debited or credited on the first official working day following the Christmas bank holiday, which will be 29 December 2020, then the payment files have to be submitted by 23 December 2020, at the latest
- Payments that are due prior to the New Year break need to be submitted by 29 December 2020
- Payments that are due on the first working day following the New Year celebrations – on 4 January 2021 – must be submitted by no later than 30 December 2020
Pay.UK is also reminding companies that BACS payment files can actually be submitted up to 30 days in advance, which could alleviate some of the pressure on finance teams who may be still be working from home, or may have reduced capacity due to coronavirus.
In order to assist businesses, and ensure that they are aware of non-processing days, and can subsequently adhere to all of their payment obligations, Pay.UK has assembled a payment processing calendar.
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