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Businesses Affected by Floods - HMRC to waive interest and surcharges of late tax
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The Government has announced that it will bring forward legislation in next year's Finance Bill which will allow HMRC to waive interest and surcharges on tax paid late due to the recent severe flooding. It will apply retrospectively from 26 July 2007. In the mean time, HMRC will exercise existing discretionary powers not to collect such interest and surcharges.
The legislation will allow HMRC to
- defer collection of taxes and duties, or agree instalment arrangements where customers are unable to pay as a result of severe hardship
- waive interest, surcharges and penalties for the period during which collection of tax or duty is deferred
- introduce practical arrangements where individuals and businesses have lost records in the flooding
- suspend debt collection proceedings
- defer compliance checks and investigations.
Customers having difficulty paying their taxes or duties, or sending in tax returns or other information as a result of the flooding are asked to contact HMRC as soon as possible. A dedicated telephone line has been set up for anyone affected by the floods - 08453 000157. It is open seven days a week from 8.00 am to 8.00 pm.
...UK Payroll News - Latest
Further information:
Tax help for those affected by floods
Tax helpline for people affected by flooding
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