HMRC has announced in its guidance that all self-assessment income taxpayers can defer their income tax payment due on 31st July 2020 to 31st January 20201.
This government emergency support package aims to support all taxpayers and businesses that have been affected by a coronavirus.
Who is eligible for government self-assessment payment on account deferral support scheme?
This HMRC support scheme is applied to all taxpayers. Not only the self-employed people but also all taxpayers who are due to pay their second self-assessment on 31 July are eligible for HMRC deferment.
The new guidance states: “If you are due to make a Self-Assessment payment on account on 31 July 2020 then you are eligible for the deferment. The deferment is intended to assist Self-Assessment taxpayers, including those who are self-employed, who are suffering hardship as a result of the coronavirus.”
However, that deferment is completely optional and HMRC urges those who are still able to pay their second self-assessment payment on account on 31st July can pay that.
According to the regulator, this is an automatic offer with “no applications required”. However, “the deferment is optional and any persons still able to pay their second self-assessment payment on account on 31 July 2020 should still do so”.
Besides, HMRC, Companies House and the Charity Commission have requested individuals, businesses, charities and not-for-profit organizations to step forward and apply to delay statutory deadlines should they feel unable to meet them.
What other Government support schemes are available for businesses?
To find out more about government schemes for business and individuals who are affected by a coronavirus, read our latest blogs and information on statutory sick pay relief scheme, business interruption loan scheme and other government support schemes.
How can you get assistance for your tax payment from accountants in reading?
If you need any advice regarding your upcoming self-assessment tax payment either on personal behalf or on your business behalf, get in touch with us by clicking here. Our team of accountants in Reading at Berkshire accountants limited is always available for your help.