With the tax return deadline looming, HMRC have issued guidelines to those affected by recent flooding. Businesses and individuals who are unable to complete their tax returns online by the 31 January deadline as a result of flood damage should contact the HMRC. A new deadline will be agreed directly with the taxpayer by HMRC and fines will apply if this new deadline is missed.
Failure to contact HMRC to alert them of a late filing due to flooding will result in a fine, but those who miss the deadline will have the opportunity to appeal. HMRC will also agree to payment in instalments if taxpayers are unable to pay as a result of the floods.
Please be advised that this is not an indefinite suspension of self-assessment penalties, but a recognition by HMRC that many businesses and individuals are being affected by adversities beyond their control.
Full details are available on the Accountancy Age website. If you require more information and think you may need to apply for an extension, please get in touch with our tax team by phone on 01254 679131 or by email at firstname.lastname@example.org.