HMRC updates bank details – Here’s what your business needs to know when paying tax 

Attention business owners, HM Revenue & Customs (HMRC) has updated its bank details for certain tax regimes, and missing this change could cost you.  

Tax payments can be a headache, but what’s worse is missing them by paying the wrong account, so staying informed will help keep your business running smoothly. 

HMRC’s new bank details 

Thew new bank details only affect certain tax regimes:  

• Plastic Packaging Tax 

• Biofuels or gas for road use — Fuel Duty 

• Economic Crime Levy 

• Soft Drinks Industry Levy 

• Trust Registration Penalty 

Depending on where your business bank account is based, you’ll need to use the following updated details: 

If your business account is in the UK: 

• Sort code: 08 32 10 

• Account number: 12529599 

• Account name: HMRC General Business Tax Receipts 

If your business account is overseas: 

• IBAN: GB86 BARC 2005 1740 2043 74 

• BIC: BARCGB22 

• Account name: HMRC General Business Tax Receipts 

Remember, all payments must be made in pounds sterling. Using any other currency may incur additional bank charges. 

Tax return and payment deadlines for businesses 

Meeting tax deadlines stops unnecessary penalties that can strain your finances. Keep these two deadlines in mind: 

• Tax return filing deadline: Submit your tax return within 12 months after the end of the accounting period it covers. Late submissions will result in penalties. 

• Corporation Tax payment deadline: Pay your Corporation Tax bill nine months and one day after the end of the accounting period. 

Penalties for late filing of tax returns 

Missing deadlines can be costly. Here’s how penalties escalate over time: 

• One day late: £100 penalty 

• Three months late: Additional £100 penalty 

• Six months late: HMRC estimates your Corporation Tax bill and adds a penalty of 10 per cent of the unpaid tax 

• 12 months late: Another 10 per cent penalty on any unpaid tax 

If you’re late three times in a row, the £100 penalties increase to £500 each. 

Penalties for tax returns more than six months late 

After six months, HMRC will issue a legally binding tax determination, estimating the amount you owe.  

You can’t appeal this assessment and must pay the Corporation Tax due and file your return.  

Once you submit your return, HMRC will recalculate the interest and penalties. As of 20 August 2024, the late payment interest rate is 7.50 per cent. 

Appeals against penalties 

If you have a reasonable excuse for missing a deadline, you can appeal the penalties online.  

Complete the online form, print it, and send it to the address provided.  

Note that you must file your Corporation Tax return before you can appeal. 

What you’ll need to appeal: 

• Your company’s Unique Taxpayer Reference (UTR) 

• The date on the penalty notice 

• The penalty amount 

• The end date of the accounting period the penalty relates to 

• An explanation of why you missed the deadline 

If you’re unsure about how these changes affect you or need assistance managing your tax obligations, contact us today.