TaxPersonal TaxRural business wins tax concessions

Rural business wins tax concessions

Businesses hit by financial difficulties brought about the foot-and-mouth epidemic will not have to pay interest on deferred taxes.

The new clause to the Finance Bill was tabled by Andrew Smith, chief secretary to the treasury.

It allows the Revenue to waive all interest charges on deferred taxes where it feels a business has suffered due to the effects of the foot-and-mouth disease.

Regulations will also be introduced meaning interest is not charged on national insurance contributions deferred in the same circumstances.

The Revenue said it will give those businesses, suffering severe disruption or financial distress due to foot-and-mouth, the opportunity to put concerns about tax and national insurance contributions aside.

Anyone with questions regarding this issue is urged to contact the joint Inland Revenue/Customs & Excise Foot and Mouth Helpline on: 0845 300 0157.

In addition farmers affected by the epidemic, who are due repayments of VAT can can speed up the repayment of claims by faxing Customs & Excise on: 0170 236 6085.

Links

Farmers in North East the hardest hit

Foot-and-mouth’s domino effect

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