Share this content
0
399

BACS registered bureau

What hoops to jump through to set this up

Didn't find your answer?

Search AccountingWEB

Any tips on the process please? 
What costs are involved? 
 

Replies

Please login or register to join the discussion.

avatar
By johnt27
18th Jun 2019 10:57

Avoid and use one of the many payment aggregator apps out there like Telleroo https://www.telleroo.com/

Thanks (1)
avatar
20th Jun 2019 14:39

The BACS Bureau scheme is described on the BACS web site here:
https://www.bacs.co.uk/access/bacsapprovedservices/bacsapprovedbureaux/p...
Initially You should contact you sponsoring bank and ask for the paperwork to become a BACS bureau. They will send you half a tree's worth of forms.
The telephone number for the BACS liaison desk of your sponsoring bank will be listed here:
www.elseware.org.uk/24.html
Once you have filled the forms in, you have to pay BACS a fee ( I think it was £3,500 when I did it about 4 years ago, may have gone up since ) and they send round an inspector to make sure that your premises are secure and that you understand the rules.
Then you need some BACS submission software. The cost of this can vary greatly, but all of the approved software packages are listed here:
https://www.bacs.co.uk/Services/Bacsapprovedservices/Pages/ApprovedSoftw...
Once you are up and running you have to pay a fee to BACS occasionally, possibly annually, of around £340.

Thanks (0)
Share this content