With Easter 2019 just around the corner, business owners are being urged to plan ahead if they are to avoid missing payments to staff and suppliers over the long Easter bank holiday weekend, according to advice from Pay.UK, which acts as the single operator for all UK retail payments
Pay.UK, which is the retail payments authority behind direct debit and Bacs direct credit, is highlighting the need to take action now, to avoid payment delays in a few days’ time.
Both Good Friday (19 April) and Easter Monday (22 April) are bank holidays and are classed as non-processing days so any payments must be scheduled to take these non-processing days into account.
For example, if any direct debits or Bacs direct credit payments are to arrive ahead of the Easter Break, then the last day payments can be made is Thursday 18 April. This means that the processing cycle must begin by Tuesday 16 April.
Similarly, if business owners want payments to be made on the first working day after Easter Monday, then the latest submission date for Bacs payments is Wednesday 17 April.
As Easter falls late in the calendar this year, businesses should also take note that there are two more bank holidays following shortly afterwards – the first on Monday 6 May 2019 and the second on Monday 27 May. Business owners should check with the Bacs processing calendar to ensure that they are fully aware of the critical payment dates.
Report by Pat Sweet