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Businesses reminded to plan payments around May bank holidays

23.4.2021

 
With two bank holidays falling next month (May), businesses are being urged to plan ahead to
avoid missing important payments to suppliers and staff.
 
Pay.UK, the UK’s independent payment system operator responsible for the Bacs Payment
System (which processes Bacs Direct Credits and Direct Debits), is reminding organisations to
be aware of the non-processing days when planning payments.
 
Both Monday 3 and 31 May are bank holidays, which means that the process for debiting /
crediting payments due on the following Tuesday and Wednesday in both cases will need to
start a day earlier than normal.
 
For example, if any Direct Debit or Bacs Direct Credit payments are to be debited / credited on
Tuesday 4 or Wednesday 5 May, then the latest submission dates for payment files are Thursday
29 and Friday 30 April, respectively.
 
Likewise, for payments due on Tuesday 1 or Wednesday 2 June, then the latest submission
dates are Thursday 27 and Friday 28 May, respectively.
 
It’s also worth remembering that Bacs payment files can be submitted up to 30 days in
advance, which could help take the pressure off finance teams that may still be working
remotely, or with limited resource.
 
In addition, to help businesses stay one step ahead of non-processing days, Pay.UK has
produced a handy payment processing calendar.