businesses urged to plan ahead this bank holiday
August 10, 2016
August Bank Holiday (29 August 2016) will soon be here and businesses need to plan ahead to avoid missing important payment commitments says Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK.
As Bank Holidays are non-processing days, payments scheduled to be made on Monday 29 August, such as salaries or payments to suppliers and customers, will not be processed and business owners and finance teams must ensure that payments are submitted early.
For example, if payments are due in accounts on Tuesday 30 August then the payment process must begin no later than Thursday 25 August. For payments due to credit accounts on Wednesday 31 August then payment files must be submitted no later than Friday 26 August.
The Bacs processing calendar which shows all the public holiday non-processing days is available from www.bacs/processingcalendar
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