Gift Aid repayments will be made by BACS

Although the Payments Council has said it will not withdraw the use of cheques in 2018, HM Revenue & Customs (HMRC) will continue with plans to stop making repayments of Gift Aid by payable order and instead make all payments electronically using the BACS system as announced in April 2011.

Stuart Crook of Wellers Accountants says: “Making payments by BACS will provide greater security for charities and HMRC by protecting against fraudsters. It will reduce administrative costs and, once fully implemented, means that charities will receive any repayments due from HMRC more quickly.”

For Charities and CASCs that HMRC already hold bank details for, HMRC will now automatically make any Gift Aid repayments by BACS.

Organisations that HMRC do not hold bank details for should supply their bank account details on form ChV1. In the interim HMRC will continue to make any repayments by payable order.

For more information visit www.wellersaccountants.co.uk.

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