Self Employed – Delayed Tax Payments
While there is not currently any significant government support for the self-employed sector there is a significant lobby pressure to implement some measures. The current support is via delayed payment.
For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021.
Can I apply?
If you are self-employed you are eligible.
How Do I access?
This is an automatic offer with no applications required.
No penalties or interest for late payment will be charged in the deferral period.
You can also discuss with HMRC their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities from previous periods.
For more information on the Time to Pay service visit: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-paying-tax-time-to-pay-service