The August Bank Holiday is fast approaching and Pay.UK, the home of Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan ahead to avoid missing important payment commitments.
Bank Holidays are non-processing days – that means payments scheduled to be made on Monday 26 August, such as salaries or payments to suppliers and customers, will not be processed. So business owners and finance teams must submit payments earlier to avoid that potential risk.
For example, if funds are due in accounts on Tuesday 27 August, then the payment
process must begin no later than Thursday 22 August. For payments scheduled to credit accounts on Wednesday 28 August, then payment files must be submitted no later than Friday 23 August.
To help businesses plan for Bank Holidays, Pay.UK has produced a processing calendar giving details of all the important non-processing days in 2019. This can be found here.