Yes, all banks and building societies that display the Current Account Switch Guarantee Trustmark will follow the same switching process and must offer the same guarantees.
There are over 40 participating banks and building societies in the UK and you can see them here.
Go to:
‘Admin’ > ‘Payroll’ > select the current pay period and an employee > ‘Add pay item’ > add the salary advance amount > type in ‘Salary advance’ in the ‘Description’ field, and save the changes
Then in the next month’s pay run:
‘Admin’ > ‘Payroll’ > select the current pay period and the same employee > ‘Add pay item’ > add the salary advance as a negative value > fill in the ‘Description field, and save.
For example, if the salary advance is £2,000 – you’ll need to add the negative amount of £-2,000.
Note: Salary advances are typically adjusted in the following month's payroll, but can be done at another time, depending on your agreement with the employee.
A salary advance is not a loan – there is no interest charged to the employee. Salary advances are taxed like regular income.
If the salary advance you’ve paid to an employee for a year is more than £10,000, HMRC may consider them as a Benefit in Kind, meaning you’ll need to report this in a P11D form.
