Revenue & Cashiers – Banking Reminder
Posted on 24 January 2020 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 budget codes, VAT classes, descriptions, contact name and telephone number of the person paying in. This information must be supplied to comply with Financial and Audit regulations. This ensures we allocate your income to the correct budget code/s and account for VAT correctly in line with VAT regulations .
Where we do not have sufficient descriptions on banking or missing VAT classes we have to assume it is vatable and will result in us deducting VAT. Failure to supply Revenue with the correct VAT classes or descriptions puts the authority at risk of penalties and interest charges by HMRC and in any instance of non-compliance , these charges will be passed back to the budget responsible. If you are in any doubt please refer to the cheque /cash banking forms as they are pre-populated with all your income codes and VAT classifications .
When paying in at Barclays or the Post Office please be mindful of the cost to the authority and consider how often you need to bank. Please do not use multiple paying in slips each day when one will do , we are charged £1.25 by the bank and post office for each slip they handle and where multiple slips are used, these charges will be passed back to you.
Revenue and Cashiers
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