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Old notes will soon be taken out of circulation by the Bank of England

The last day to spend old £20 and £50 paper notes is fast approaching before they are replaced by the new polymer versions.

According to the Bank of England, the majority of banknotes have been replaced ятbut there are still more than £6bn worth of paper £20s and £8bn worth of paper £50s in circulation. After 30 September, these will no longer be legal tender.

What should you do with old notes?

Old notes can be spent on goods and services in the usual way up until 30 September.

What happens after 30 September?

The old notes will still be accepted as a deposit into an account by many banks and some post offices.

The Bank of England will also exchange them in person at its premises in London or by post.

Stay informed with Albatross Accounting team. We are Accountants, Tax Advisers, and Business consultants in London. We specialise in working with Small to Medium sized businesses.

Contact us for more information.

London: 020 7060 1811

Essex: 012 4586 1357

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