HM Revenue and Customs (HMRC) have made changes to their bank account details that contractors and Limited Companies use to make their VAT payments into. These changes are effective from 8 July 2009.

If you make your VAT payment via Internet or Telephone banking, you will need to use the new bank account details. The new account details can be found at http://www.hmrc.gov.uk/payinghmrc/vat.htm. HMRC have also said that they are working closely with all the banks to ensure their systems are updated to show the new VAT bank account details. However, some banks may take some time to reflect the changes on their websites.

HMRC have given the reassurance that if contractors do need to use the old details, then payments will still be received and credited to their VAT accounts.

1st Contact Accounting offers Specialist tax services to contracting professionals these services include: Contractor Accounting, Personal Tax for Contractors, Limited Companies for Contractors and Contractor Financial Advice.