Administration 12: Banking Income for the Authority
Posted on 3 February 2015 by Education Finance
The Revenue Team has seen a huge increase in the number of banking slips which are incomplete or even blank. Common problems are missing Finest codes, VAT classes, descriptions, contact name and telephone number of the person paying in. This information must be supplied to comply with Financial Regulations.
This ensures we allocate your income to the correct budget code/s and account for VAT correctly in line with VAT regulations .
Failure to supply Revenue with the correct VAT classes puts the authority at risk of penalties and interest charges by HMRC which will be passed back to the budget responsible.
If you require advice on any VAT issues then please contact either Sarah Davis on 01392 382842 or Karen Ward on 01392 382410 or via email to email@example.com
If you pay in money please be aware of the cost of banking to the Authority and consider how often you need to bank. Do not use multiple paying in slips each day when one will do as we are charged by the Bank and Post Office for each slip they handle .
If you require any advice on banking then please contact Sue Causon on 01392 383355 or via email firstname.lastname@example.org
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