Contact Us

Small businesses who get paid regularly by cheque will soon experience the money they’re owed within one working day, compared to the current six working day period it takes for a cheque to clear.

From October 2017, banks and building societies will be given the authority to clear funds written on cheques by exchanging pictures of them, as a result of digital imaging technology.

A move, co-ordinated by the Cheque and Credit Clearing Company, means payees will experience a “speeded up” processing time, receiving cash more rapidly into their bank to ease cash flow.

However, once a cheque is paid in, the individual or business who wrote the cheque will also find that the money will leave their account quicker than before, the Cheque and Credit Clearing Company warned.

In order to reflect the changes, banks and building societies will soon offer individuals and business the option of paying in an image of a cheque using digital imaging through secure mobile banking apps via smartphone or tablet devices.

It’s important to note that e-cheques will only be an add-on service and will not be replacing the ability to pay in cheques in person.

The introduction of the e-cheque breathes new life into the prospects of the cheque, with calls made previously to remove cheques as legal tender after many leading retailers started to no longer accept them.

Nevertheless, transactions totalling up to £470 million are still made via cheque each year and MPs silenced the calls for ripping up the future of the paper cheque by 2019 by insisting it would remain for “as long as people need them”.

Date published 30 Mar 2017 | Last updated 30 Mar 2017

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

0800 0523 555

Or contact us