The government have announced that personal tax payments are to be deferred to assist taxpayers with their cashflow during the Coronavirus crisis.
Any self-employed taxpayer with a personal tax payment due on 31st July 2020 will be eligible.
NOTE: The legislation currently only states that self-employed taxpayers are eligible. It does not mention other taxpayers who are in self-assessment such as landlords or Directors. As a result, these individuals will still have tax payments due on 31st July 2020.
This initiative will assist the self-employed business with their short term cashflow problems.
There is no requirement to apply. The process is automatic.
The payment is deferred until 31st January 2021.
There will be no interest or late payment charges during the period of deferment.
Conclusion of the income tax deferral
Any short term help to support businesses and individual taxpayers with their cashflow at this time is to be welcomed.
At Patterson Hall Chartered Accountants we aim to provide our clients with the most up to date advice in this ever changing landscape. As soon as any further announcements are made we will be sure to update these blogs and notify our clients.
See below for other Coronavirus support available to small businesses:
Coronavirus Support Summary
What is the Job Retention Scheme?
How to claim the Job Retention Scheme Grant?
VAT Deferral Scheme
Business Support Grant & Rates Relief
Self-employment Income Support Scheme
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