HMRC's New Faster Payment Service

From 16 December 2011 HMRC have started to accept payments using the Faster Payments Service. This will allow faster electronic payment via the internet or telephone banking to be processed on the same or next day rather than the current three banking days.

It is however essential that you check in advance the following before assuming you can use the faster payment service.

• Your bank/building society is part of the scheme.
• The payment amount does not exceed the limit set by the bank.

You should also be aware that if the payment does not reach HM Revenue & Customs bank by the due date you may be liable for the late payment interest, surcharges and penalties.

Click here to find out more from HMRC