Finance switch a reasonable excuse for late payment

A haulage business had a reasonable excuse for paying its tax late after its invoice finance provider changed ownership and restricted finance, a tribunal has ruled.

In a ruling that could be good news for struggling companies that use invoice finance companies, the first-tier tribunal ruled in Cuco v HMRC [2013] UKFTT 121 (TC) that the business had a reasonable excuse for its late payments of PAYE and NI contributions.

The unnamed business argued...

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