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UK government could lose £25 million from postal strike

For those looking to file their tax returns by post, we are quickly approaching 31 October deadline although the UK government has already announced plans to waive potentially £25 million in late receipt fines for those who can prove their returns were posted prior to the deadline. With potentially 2.4 million people expected to file their returns by post the traditional late payment figure of around 10% is likely to be significantly higher this year.

This comes at a time when the UK government is looking to orchestrate an agreement between the Royal Mail and the unions with regards to industrial action in the run-up to Christmas. The potential £25 million which the UK government may have to waive is nothing compared to the loss of business and loss of revenue which many businesses up and down the country will suffer. Cheques will be a received late, important documentation will be tied up at postal sorting offices and many businesses may well suffer from cash flow issues.

There is no doubt that the postal strike could not have come at a worse time for many companies who are just now starting to get themselves back on their feet after one of the worst recessions in living history.

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