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What's the difference between SWIFT, SEPA and BIC?

The difference between SWIFT and SEPA is that SWIFT is a global international payment method, while SEPA is an European system, enabeling euro-denominated payments within the SEPA area. The SEPA area covers the EEA states as well as Andorra, Guernsey, Isle of Man, Jersey, Monaco, San Marino, Saint-Pierre and Miquelon, Switzerland, the United Kingdom of Great Britain and Northern Ireland (incl. Gibraltar) and the Vatican City. Chosing SWIFT or SEPA will depend on the transaction type, currency and locations. BIC codes are used in international transactions to identify the recipient's bank, along with the recipient's account number, to ensure the finances are directed to the correct bank and account. Government Gateway username and password, as well as your Payroll Reference numbers, to match your business with HMRC. 

If these details aren’t accepted by HMRC, you can’t run payroll or receive HMRC notifications.

You can test and see if there’s a match by going to Tide on the Web and clicking on:

Admin > Payroll > Settings > Payroll settings > Test PAYE credentials.

There won’t be a match if:

  • There’s a typo in your Government Gateway username or password.

  • You’ve changed your Government gateway password, but haven’t updated it in Tide Payroll. You can do this on the web – go to Admin > Payroll Settings > Update Government Gateway details.

  • You’ve been locked out of the Government Gateway portal – for example, if you’ve entered an incorrect password too many times.

  • Your PAYE credentials aren’t active – see how to activate them here.

You must resolve any mismatch before you can run your next payroll.

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