VICTIMS of the widespread UK flooding are to receive a package of tax reliefs as they attempt to rebuild their homes and businesses once the waters recede.
HM Revenue & Customs has launched a helpline for those affected, with the intention of providing fast, practical help and advice on a wide range of tax problems flood victims face.
HMRC will also agree instalment arrangements where taxpayers are unable to pay as a result of the floods; agree a practical approach when individuals and businesses have lost vital records to the floods; suspend debt collection proceedings for those affected by the floods; cancel penalties when the taxpayer has missed statutory deadlines. The helpline is in addition to other HMRC telephone contact numbers, and can be found on 0800 904 7900.
Additionally, David Cameron announced a £10m package of support for waterlogged farms and said other affected businesses would be able to claim 100% tax relief on business rates for three months and be able to defer their tax payments.
“I don’t want people to worry about penny pinching when they see the vital work that is needed to help them deal with their houses and help deal with the floods,” he told the BBC. “That is what this government is doing.”
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
Freelancers and micro-businesses still need more information about the government’s plans to make tax digital
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