Flooded contractors' self assessment deadline extended
At this time of year, anyone who works for themselves will be thinking about their tax return, whether that is because they are enjoying the smug feeling of having completed it in time or because they are desperately trying to get their figures together before the deadline. For some this is because they have been procrastinating and finding other ways to spend their time, but there are always some genuine cases where taxpayers simply haven’t been able to get their paperwork together before the deadline.
Whilst they may not be known for their lenience when it comes to extending the deadline for self assessment submission, there are certain situations in which HM Revenue and Customs will make exceptions, with this year’s floods being one of them. Hundreds of individuals and businesses were affected by flooding in December 2015, with many losing supporting documentation and some having all their computerised data compromised by the devastating effects of the water.
When similar events took place in Somerset in 2013-14, HMRC reassured those affected that they would not be penalised for failing to submit their returns or pay their taxes on time, and they have done so again to allow some leeway for those who have been flooded in recent months.
The department has always acknowledged that there are circumstances and situations in which it is reasonable for people to pay their taxes late, and this year they have specifically included the floods on the list of acceptable reasons for late filing. The taxman has reassured those who might be unable to file by promising that they will not have penalty fines applied to their account, that they will be able to pay their birthday in instalments, and that debt collection will be suspended for those who contact them to let them know that they have suffered flooding.
Anyone who is worried about meeting the tax return deadline should consider learning more about contractor tax. Our handy guides can help you with every aspect of working for yourself, including our FREE 60 page guide to contracting and our contractor case studies.
Anyone who needs help and support with their finances, from tax returns to planning for their future, could benefit from our specially designed packages, so call today on 01442 275789 or email firstname.lastname@example.org.