Post Office temporary deposit limit of £10,000
30 January 2015
A temporary £10,000 limit has been put in place on the amount that can be paid into the Post Office.
Issues from the accountant community were highlighted in an AccountingWEB article earlier this week, after refusals at the post office when trying to deposit more than £10,000. This came at a critical time for those dealing with self-assessment on behalf of clients as the deadline is 31 January for paying tax owed from the previous year.
AccountingWEB contacted HMRC who confirmed that bank Santander, in partnership with the Post Office, has introduced a temporary cap of £10,000 due to recent actual and attempted frauds.
HMRC has advised on the relevant areas of GOV.UK that there is a £10,000 limit when paying into the Post Office. They also said that it may become a permanent measure, after it is monitored and reviewed by the end of February this year.
Read more on this story from AccountingWEB.