DMBM220530 - Sharefishermen's Voluntary Tax Saving Scheme(SVTSS): Request transfers
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Prepare and despatch bank list
Each January and July, DMB Banking arrange the transfer of money from SVTSS accounts with Barclays Bank. The transfer must be completed in sufficient time for the bank to debit the Sharefishermen’s bank accounts before that month’s bank statements are issued.
To arrange a transfer to Banking use
- the list of live SVTSS records from Paignton
- the bank’s list notifying the amounts held in SVTSS accounts
- information on the customers SA record (normally only for July transfer)
The lists are issued to DMB Banking on or before 10 January and 10 July.
In January the bank is asked to transfer the full amount in each SVTSS account. The amount of the July transfer is determined by comparing the amount in the SVTSS account with the payments of account due by the customer.
After the amounts to be transferred for each SVTSS user have been decided, the bank list is prepared and despatched to Worthing Data Centre. Worthing use the list as an input document to create two files.
The first file is used to notify the bank electronically how much is going to be transferred from each Sharefisherman’s account to the HMRC account. Worthing send this list electronically to BACS who initiate the transfer or collection of payments by Direct Debit.
The second file is written to tape and passed to DMB Banking where it is used to update the SVTSS customer records in SA. It is accompanied by an extraction list which details what is on the tape.
To arrange the transfer of money from SVTSS accounts follow the steps.
- Obtain copies of the
- list of live SVTSS records from Paignton
- bank list notifying the amounts held in SSF accounts
- Use the list to establish the amounts to be transferred from each account
January transfer
- Check that the amounts on the bank list are clearly printed.
Note: that the full amount in each SVTSS account is to be transferred.
- Liaise with the bank about any indistinct amount and show the correct amount clearly on the bank list
July transfer
- Use function VIEW STATEMENT to see how much of the payments on account, interest and so on is unpaid for the year of the transfer
- Determine the amount of the July transfer by comparing the amount due by the amount in the SVTSS account
- Liaise with the bank if any amount on the list is unclear
- Enter the amount to be transferred in the column provided on the list
Prepare and despatch bank list
- Total and batch the Bank list in the manner agreed with Worthing Data Centre
- Retain a copy of the prepared bank list and the batch add-lists
- Despatch the original bank list to Worthing