The Taxman has recently announced he is now able to accept payments using the Faster Payments Service (FPS). This ensures payments from your account made one day will reach the Taxman’s the next.
HMRC’s press release suggests that you check with your bank whether it operates FPS, otherwise payments will take the normal three to four working days. The new FPS has set a limit of £99,999.99 and some smaller banks are allowed to set their limits below this. For payments greater than the limit, same or following day payments can be made using CHAPS.
