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Affected by Flooding? – You May be Eligible for Tax Relief
 If
your business was disrupted or damaged by
the recent floods, then you could be
eligible for tax relief and advice from HM
Revenue and Customs (HMRC).
The Government will bring forward legislation in next year's
Finance Bill which will allow the
Commissioners of HM Revenue and Customs to
waive interest and surcharges on tax paid
late due to the floods.
Financial Secretary to the Treasury and Minister for HMRC, Jane
Kennedy said, "I want to ensure that people
affected by the flooding do not have to
worry about tax or their tax credit award at
this difficult time. Where individuals or
businesses are affected by the flooding, I
would ask them to get in touch with HMRC who
will be able to offer practical help. I hope
that, by offering this help now and the
reassurance that HMRC will back-date their
help, we can ease some of the anxiety that
is affecting so many people and business."
Paul Gray, Chairman of HMRC added, "We know that the recent floods
have affected a large number of our
customers and we want to make it easy for
them to meet their obligations to HMRC and
receive their tax credits. Our staff are
standing by ready to help."
HMRC will be able to:
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Defer collection of taxes and duties, or
agreeing instalment arrangements where
customers are unable to pay as a result
of severe hardship
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Waive interest, surcharges and penalties
for the period during which collection
of tax or duty is deferred
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Introduce practical arrangements where
individuals and businesses have lost
records in the flooding
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Suspend debt collection proceedings
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Defer compliance checks and
investigations
HMRC will not charge penalties where they are satisfied that
customers have missed deadlines as a result
of the flooding.
HMRC ask that people contact the department if the flooding has
made it difficult for them to send in their
tax credit renewals on time or if they have
a change of circumstances to notify.
Similarly customers having difficulty paying
their taxes or duties, or sending in tax
returns or other information as a result of
the flooding should also get in touch as
soon as possible.
HMRC have also launched
a helpline for individuals and businesses
affected by flooding, the number is 0845
3000 157.
For more information on accounting and
taxation issues visit our Accounting portal.
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