Cumbria Floods – The Financial Side
As we write this, it has started raining again – and we can only cross our fingers that our drenched rivers and drains will be able to cope with yet more water.
However, our short term priority now that we know our clients are safe and well, is to ensure that we help them as much as possible in the difficult time to come.
So, whilst we may not be the best to help with the repairs now needed (although David Plaskett is a mean tiler, given the opportunity) please bear in mind that we can help with, for example:
- Reports for loss adjusters
- Valuation of lost stock
- Loss of profit/income calculations
Then there are the upcoming deadlines for tax and accounts.
Many limited companies have submission deadlines of either 31 December or 31 January. As ever, it is better to contact H M Revenue & Customs and Companies House sooner rather than later. If papers have been destroyed or inaccessible, then please let us know so that we can start contacting the appropriate people to ensure that, on top of everything else, you are not deluged (pun intended!) with threatening letters from government bodies.
31 January is also the all important deadline for submission of your personal tax returns to H M Revenue & Customs. Our Tax Team have been requesting the appropriate information for a number of months now so please do not ignore the correspondence. Let us know the situation so we can contact H M Revenue & Customs as soon as possible to let them know the position.
We are particularly concerned about the payment of tax that companies and individuals are now facing in January and February. It will be possible to reduce payments on account for individuals and partners if their current year profits will be affected, and otherwise we can arrange instalment arrangements with H M Revenue & Customs.
We are very pleased to see that H M Revenue & Customs has opened a dedicated helpline for those affected by the events of the weekend - 0800 904 7900. However, as yet it is not clear whether they will insist on direct debit arrangements (in line with a policy introduced in August 2015) or will accept more fluid (another pun – this time not intended) plans.
And now VAT. Anybody with a VAT quarter of 30 November has to submit the return and pay the VAT by the middle of January. Again we can help – perhaps with actually submitting the return if your broadband is down, or contacting the VAT Office to discuss the cancelling of late submission penalties in the unprecedented circumstances.
Lastly, the Cumbria Business Growth Hub has published a very useful checklist of things to think about and do in these circumstances. The list can be accessed at:
Please contact us as needed at any of our offices:
Gosforth 019467 25808
Whitehaven 01946 692423
Workington 01900 603623