Cheques and Banking
The Payments Council has set a target date of 31 October 2018 for the complete withdrawal of cheques as a means of payment. In the meantime, a review is underway to understand the needs of those who rely heavily on cheques and the Council has given an assurance that cheques will not be withdrawn until there are adequate alternative payments systems in place. Further details can be obtained at paymentscouncil.org.uk
We have already seen far less use of cheques in recent years. It is now a legal requirement to pay both value added tax and corporation tax electronically, and we anticipate that the government are likely to extend this into other areas. Most of the major banks offer a free Internet banking service and we recommend our business clients to adopt this system. Customers have immediate access to their account information without any need to contact the bank, and are therefore much better placed to manage their banking activities.
The cheque guarantee scheme closed on 30 June 2011. Whilst your business can still accept and issue cheques, it is no longer possible to guarantee cheques under the scheme.
It is important that all requests for payment or to amend bank details are independently validated before acting on the instruction. If in doubt contact the supplier independently using your own business record of the contact point.
We have seen a number of scam emails purporting to come from the Revenue and/or from a High Street bank. As a general rule we would be suspicious of any email purporting to come from the Revenue or from a bank. Both authorities are likely to write to you if there are genuine matters that require your attention.
Our initial consultation is FREE. To find out more call us on 01784 243054.
The above information is only a general guide. We cannot accept responsibility for the financial consequences of any transaction that you may undertake or refrain from undertaking based upon the information given on this website.