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| Flood victims to get tax help |
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The Chancellor of the Exchequer, Alistair Darling, has announced that HMRC are to introduce a series of measures for individuals and businesses affected by the recent severe flooding. Under the new proposals, the Government will include legislation in next year's Finance Bill which will allow HMRC to waive interest and surcharges on tax paid late due to the floods.Commenting on the proposals, 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." Broadly, the new legislation, wihc will apply retrospectively from 26 July 2007, will enable HMRC to:
HMRC will not charge penalties where we are satisfied that customers have missed deadlines as a result of the flooding. Link Tax help for those affected by floods
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Thursday, 26 July 2007 | 819 Hits |
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