Self assessment deferral available to the self-employed
Self-employed workers who are struggling due to the coronavirus (COVID-19) pandemic can benefit from a second 2019/20 self assessment deferral payment on account, HMRC has reminded taxpayers.
The second self assessment payment on account for 2019/20 is ordinarily due at the end of July. However, the government has said that it will allow the self-employed to defer this payment as well as utilise the grants available through the Self-employment Income Support Scheme (SEISS).
Taxpayers do not need to contact HMRC if they are benefitting from the self assessment deferral; they can opt into the deferral by simply not paying their tax bill due by 31 July 2020.
If no payment is received, HMRC will automatically update their systems to show payment has been deferred and no interest or penalties will be incurred, providing it is paid in full by 31 January 2021.
Angela MacDonald, Director General of Customer Services at HMRC, said: ‘We want to support taxpayers as much as possible as they face uncertainty and difficult circumstances. That’s why we want to remind those who may struggle to pay a tax bill right now that they have the option to defer their self assessment payment. They don’t need to do anything to take advantage of this deferral. By simply not paying, HMRC will know they have deferred and we will do the rest.’
We can help with all aspects of self assessment, including filing returns on your behalf. Please contact us.