Due to the dates for Easter this month, payment dates need to be pulled forward to avoid delays in direct debits and Bacs direct credit, warns Bacs Payment Schemes
Bacs Payment Schemes is urging businesses to start planning now to avoid delays in payments over the Easter holidays.
As Good Friday (25 March) and Easter Monday (28 March) are both bank holidays, payments scheduled to be made on these days will not be processed, so business owners and finance teams should plan ahead to ensure important payments to staff, customers and suppliers are submitted in time.
For example, if payments are to arrive in accounts on Tuesday 29 March, then they must be submitted on Wednesday 23 March at the latest.
Similarly, if payments are to arrive on Wednesday 30 March, the process must begin on Thursday 24 March.
Mike Hutchinson, director of scheme support and development at Bacs, said: ‘With Easter falling early this year, businesses may be caught out if they don’t submit their payment files to Bacs by the required deadlines.
‘To help with this planning we have produced a processing calendar setting out key payment dates, which is available from our website.
‘Our message to businesses large and small is to start planning now to avoid any unnecessary delays to important payments.’
To access Bacs processing calendar, listing all the non-processing dates for 2016, click here