Time to raid piggy banks

From the 1 March 2018, the old-style £10 notes featuring Charles Darwin, ceased to be legal tender. A recent announcement by Companies House suggests the following actions:

Time is ticking for the old paper £10 banknote. We’re advising all businesses to take ‘note’, as there’s just a few days left to spend your old ‘tenners’.

Figures from the Bank of England suggest there’s still £2.2 billion of old paper £10 notes in circulation. But, from midnight on 1 March 2018, these old paper notes will stop being legal tender. This means that from this date, you’ll no longer be able to spend the old paper notes, featuring Charles Darwin.

Changing your old banknotes

From 1 March, most shops and other businesses will only accept the new polymer or ‘plastic’ £10 notes, featuring Jane Austen. But, you’ll still be able to exchange any old paper tenners for free at the Bank of England, either by post or in person.

Some retailers, banks and building societies may choose to accept the old notes after this deadline. But, they don’t have to.

New polymer notes

Paper banknotes of £5, £10 and £20, are being gradually replaced by polymer ones, which are more secure and harder to counterfeit. These new banknotes also have raised bumps and dots, to help blind and partially-sighted users identify each banknote by touch.

They’re also more resistant to dirt and wear, so last longer. According to the Bank of England, this means they’re better for the environment, with a lower carbon footprint than the old paper notes.

Other banknotes

The old paper £5 note has already been replaced, and a new polymer £20 banknote will be issued in 2020. The Bank of England hasn’t confirmed if the £50 note will be replaced.

If you have petty cash boxes or a safe where old notes may be hoarded time to see if your bank will exchange them, if not, you will need to organise a trip to the Bank of England or check out their website at https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes where you can pick up instructions on how to exchanges notes by post.


“It was the year 1979 little did we know then , how important is the role of the financial controller. In 1991 our co director died suddenly….his name was Ramon, He was like a brother to me. Our challenge was the company accounts and the financial control , which Ramon being accountancy trained did so well and professionally. Zak became our Rock when Ramon died, and we were comforted. Knowing the business as Zak did, we continued doing what we do best , working in the business And knowing the financial statements and cash at bank was being handled by Zak we continued to grow.

Thank you Zak, for always being there for us, and stepping in and helping us through those very difficult emotional and financial times, without you we would not be as successful as we are today. You are there for us 24/7 And the pride you deliver with your financial control which is exceptional and is beyond just doing the numbers. You are very special to us”
Joe Mastroianni, Director, The Kingston Riding School