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HMRC accepts Faster Payments

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HMRC is now accepting payments under the Faster Payments Service (FPS), which allows taxpayers to make faster electronic payments, typically via internet or telephone banking, “enabling them to be processed on the same or next day”.

The department advised taxpayers wishing to use the service to contact their bank or building society regarding the services available and any limits that might apply. CHAPS may continue to be used for high-value payments.

Guidance is available on the HMRC website, and the FPS was discussed at length on the BBC's Money Box programme on Saturday, 7 January.

The CIOT said it and other professional bodies had been asking HMRC to accept faster payments for some time.

The ICAEW Tax Faculty reported on 4 January that HMRC's website was returning a message to people filing their VAT return online, saying that HMRC does not operate the FPS. The Faculty had drawn this to HMRC's attention and had been told that the message would be amended as soon as possible.