Institutes call for reliefs and extensions to help flood victims

Wednesday, January 13, 2016 Print Email

After the storm and flood in the northern areas of UK, the institutes of northern areas are going to start their recovery by proposing the spreading out of measures for tax relief on flood guard projects and extended the deadlines of tax filing for businesses.

The Institute of Chartered Accountants of England and Whales desired wants the government to assist companies strike by the floods, give them an additional three months to file VAT returns and disburse the connected tax without any fine. And also give extra three months to file corporation tax and income tax returns and pay linked tax without any fine.

It also wishes the government grant fund to local establishments to hang up compilation of business rates for three months until companies get back on their feet and government also give assurances to banks to facilitate aid to affected businesses on the basis of their cases.

ATT – the Association of Taxation Technicians is influencing the government to concentrate on expansion the eligibility criteria for tax relief on donations to flood protection projects.

Recently, the businesses that are taking part in accepted flood and coastal guard projects can subtract their donations from the incomes of the business for tax reasons, reducing their corporation tax or income tax bill. The Association of Taxation Technicians is signifying the aid be extended to facilitate individual taxpayers to build such donations on a likewise tax well-organized basis, and might be done in a like mode to Payroll Giving or Gift Relief.

The huge rainfall is recorded that destroyed thousands of homes in Scottish, Cambria and Lancaster borders.

Tattersall Bailey Chartered Accountants’ an associate partner Jordan Cooper said, “Almost 400 homes destroyed by the floods in Cockermouth. Many rooms of office are under a couple of feet water but luckily we controlled to put the client records and PCs above the levels of water. In spite of this the water is very dirty that leaves mark, so need to clean area as soon as possible.”

Source: ReadyRatios

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