A Christmas message from Bacs – plan your payments early for the festive period
If you need to pay staff and suppliers over the Christmas and New Year holiday period, make sure you plan those payments well in advance to avoid any delays, says Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Direct Credit in the UK.
Business owners and finance departments are being urged to check timings for submitting payment files, taking into account the additional non-processing days resulting from the festive bank holidays.
Christmas Day, Boxing Day and New Year’s Day are all bank holidays and, therefore, non-processing days. This year (2015) Boxing Day falls on a Saturday, so Monday 28th December is also a Bank Holiday and non-processing day.
Payments due to be in employee or supplier accounts on Christmas Eve can be submitted as normal – ie Tuesday 22 December. But those due to be made later will need to have the extra non-processing days taken into consideration – for example, if salaries are scheduled to be paid on Wednesday December 30, then the payment file will need to be submitted by Thursday 24 December at the latest.
Mike Hutchinson from Bacs said: “The extra Bank Holidays around Christmas and New Year can cause confusion and delays to important payments if they are not taken into account – we have an easy reference guide on our website which can make planning for this time of year much easier.”
The 2015 processing calendar can be found at www.bacs.co.uk/processingcalendar; the 2016 calendar is also now available for download.