Businesses reminded they can take advantage of advance payment submission process
A long bank holiday weekend is fast approaching, and planning around the available processing days is important to avoid missing vital payments to suppliers and staff. Bacs payment files can be submitted up to 30 days in advance, which could help take the pressure off finance teams with limited resource and, potentially, using different protocols and systems because they are working from home.
Both Good Friday (April 10) and Easter Monday (April 13) are bank holidays, and are classed as non-processing days, so businesses must schedule payments to take these non-processing days into account.
For example, if any Direct Debits or Bacs Direct Credit payments are to be debited / credited ahead of the Easter break (Thursday 9 April), then the last day payment files can be submitted is Tuesday 7 April.
Similarly, if business owners want payments to be made or collected on the first working day after Easter Monday (Tuesday 14 April), then the latest submission date for Bacs payments is Wednesday 8 April.
Businesses are also reminded that this year, the May bank holiday, which is normally the first Monday in May has been moved to Friday 8 May to coincide with the 75 anniversary of VE Day.
In addition, Bacs has produced a handy processing calendar outlining all the key payments dates throughout 2020, which can be found here.