£40K faster payment

MoneySavingUser

My father needs to make a tax payment of just under £40K to HMRC by the 31st of January.

He has the following online banking accounts:

HSBC - seems the limit is 10K per day? (or is this just for payments to individuals and not companies?)
Halifax - seems the limit is 25K per day (but only if you request this limit?)

Can he do an FP for more than £10K?

HappyMJ

Bit today, bit tomorrow and a bit on Thursday. Should be able to do that over the 2 accounts. It does not have to be paid in one payment.

lolavix

No banks offer a payment that high as far as I know, max is normally 10k

Have HMRC started taking faster payments now? They didn't used to...

MoneySavingUser

lolavix wrote: »

No banks offer a payment that high as far as I know, max is normally 10k

Have HMRC started taking faster payments now? They didn't used to...

The sort code is enabled for it - so it should work

YorkshireBoy

lolavix wrote: »

No banks offer a payment that high as far as I know, max is normally 10k

Santander's FP limit is £100K. However, the first payment may be held up a little due to their additional checks/OTP procedure.

Have HMRC started taking faster payments now? They didn't used to...

I think they, like all service users, have to (help) credit destination accounts by the end of the next business day, so maybe not FP (in the sense of 'within 2 hours') but certainly they'll have to comply with the PSD/PSRs?

dalesrider

Could he make the payment via debit card ?

Quite a few banks have high payment limits (upto 100K) on these to HMRC.

Faster payment via HSBC

Retail customers £10,000
Corporate and FI customers
£100,000

Halifax

Retail customers £25,000*
Corporate customers
£99,999*

noh

Halifax have a limit of £99999 and HSBC a limit of £100000 for standing orders. Set up a one off standing order for £40k from either of them.
Standing orders are sent via the FP system. You just need to set up the SO a working day prior to the payment date.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

MoneySavingUser

dalesrider wrote: »

Could he make the payment via debit card ?

Quite a few banks have high payment limits (upto 100K) on these to HMRC.

Faster payment via HSBC


Halifax

Managed to do £25K via Halifax today:

29 Jan 13HMRC - ACCOUNTS OF 29JAN13 19:23 FPO
So will do the rest tomorrow from that

Thanks for your help

dalesrider

Glad you decided not to send a cheque......

Get a lot to HMRC that get intercepted and only picked up a couple of months down the line when HMRC starts chasing the payment.

Naf

noh wrote: »

Halifax have a limit of £99999 and HSBC a limit of £100000 for standing orders. Set up a one off standing order for £40k from either of them.
Standing orders are sent via the FP system. You just need to set up the SO a working day prior to the payment date.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Often the first payment still doesn't go by FP for security. Only after a successful, uncontested payment do future payments go by FP

agrinnall

Naf wrote: »

Often the first payment still doesn't go by FP for security. Only after a successful, uncontested payment do future payments go by FP

Yes it does, it might be delayed for checking but there is no other way for it to go any more (excluding CHAPS, but I'm not sure that any bank reroutes FPS transactions to CHAPS).