Small businesses affected by the recent floods are to benefit from a series of tax relief measures, the government has announced.
The chancellor Alistair Dowling has confirmed legislation planned for next year’s finance bill will be brought forward in order to allow HM Revenue and Customs (HMRC) to waive interest and surcharges on tax paid late due to flooding.
Help will also be given to those businesses that have lost or damaged tax records in the flooding, postponing debt collection and compliance checks where appropriate.
David Frost, the director general of the British Chambers of Commerce welcomed the news and insisted it offered ‘relief’ to those companies affected.
“Small businesses have been badly hit as they do not have the support structures of larger companies. I hope that other organisations will also show the same understanding and assist businesses to let them get back up and running.”
Jane Kennedy, financial secretary to the treasury and minister to the HMRC said: “I want to ensure that people affected by the flooding do not have to worry about tax at this difficult time. Where individuals or businesses are affected by flooding, I would ask them to get in touch with the HMRC who will be able to offer practical help.”
Businesses affected by the flooding that expect not to be able to submit their tax credit renewals on time or are in need of additional support should visit the website: http://www.hmrc.gov.uk
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