Tuesday, 26 June 2012

Tax penalties apply despite NatWest problems

Revenue & Customs says it will be sympathetic to firms which submit PAYE tax money late because of the RBS debacle - yet they'll still have to pay any penalties due.

Is that being sympathetic?

Here's what the tax people at HMRC say:
"We are sympathetic to any customer experiencing genuine difficulties in not being able to pay their tax bill, but for customers affected by the specific NatWest/Royal Bank of Scotland Group issue they need, in the first instance, to seek compensation or help from the bank."

Apparently, being "sympathetic" means understanding what the reason is and not pestering or pressuring businesses to pay up.

What happens is that firms can be late with one monthly or quarterly payment, then penalties start at 1% of the amount due, rising if they are late again.

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