Bacs joins new payment system operator 1 May 2018
This month, Bacs is set to become part of the New Payment System Operator (NPSO). It will be joined initially by Faster Payments and, later in the year, the Image Clearing Service, bringing these major retail payments under one consolidated roof.
The NPSO has been formed as a result of recommendations made by the Payment System Operator Delivery Group in 2017.
Bacs will continue to run as it always has, and it will be business as usual for their payments and services.
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FPS three day easement extended to 5 April 2019 14 June 2018
In an update to guidance, HMRC has extended the easement introduced in 2015 for when your FPS is late but all reported payments on the FPS are within 3 days of your employees’ payday.
The update is below and is contained within the guidance What happens if you do not report payroll information on time.
When penalties are charged
You can get a penalty if: •
your Full Payment Submission (FPS) was late • you did not send the expected number of FPSs • you did not send an Employer Payment Summary (EPS) when you did not pay any employees in a tax month
HMRC will not charge a penalty if: •
your FPS is late but all reported payments on the FPS are within 3 days of your employees’ payday (this applies from 6 March 2015 to 5 April 2019), however employers who persistently file after the payment date but within 3 days may be contacted or considered for a penalty • you’re a new employer and you sent your first FPS within 30 days of paying an employee • it’s your first failure in the tax year to send a report on time (this does not apply to employers who register with HMRC as an annual scheme)
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A Global Standard to Modernise UK Payments 22 June 2018
Every year, over 8 billion payment messages are exchanged across CHAPS, Faster Payments and Bacs, the UK’s three main interbank payment systems. A consultation has been published which proposes a format for a new, common messaging standard to payments made in these systems.
These messages ensure businesses can pay their suppliers and staff, allow individuals to buy goods and services, support corporate treasury operations, and channel government spending and revenue.
Currently, each of the UK’s main payment systems uses a different ‘language’ (or messaging standard) to send information. These languages were developed at different points in time and in response to specific needs, and helped to put UK infrastructure at the global leading edge in speed and resilience.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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