HM Revenue & Customs (HMRC) has announced that they will waive surcharges and interest for late tax payments due to the recent floods.

Companies who have been affected by the flooding can breathe a sigh of relief to know that they will not face further expenses for being unable to file their taxes on time.

“This decision by Revenue and Customs will come as a relief to many businesses that have been affected by the floods. A lot of companies are facing an uncertain future and need to focus their time and effort into ensuring that their business survives and this will certainly help” stated David Frost, director-general of the British Chamber of Commerce (BCC).

Small businesses have been hit particularly hard by the extreme weather, as they often do not have business continuity plans in place to deal with the situation, or the money available to quickly recover.