VAT: Payments by cheque
Revenue & Customs Brief 14/10 explains the legal basis for HMRC's announcement (see Tax Journal 8 March 2010) that from 1 April cheque payments by post will be treated as received by HMRC on the date when cleared funds reach HMRC's account. 'To allow for possible postal delays (for which we are not responsible) businesses should allow at least three working days for a cheque payment to reach us and a further three days for the payment to clear our bank account ' HMRC said. The ICAEW Tax Faculty said it agreed with HMRC's recommendation that businesses make VAT payments electronically.
