DEFER YOUR TAX PAYMENTS
njeary • June 1, 2020
If you are struggling to meet deadlines for tax payments....
HMRC have released the option to defer your second payment on account which would usually be due in July to assist the self employed people. This option allows you to defer the second payment on account until 31 January 2021, or there is also the option to pay via instalments if you wanted to avoid a large payment in January baring in mind you will also have to pay any balancing amounts and the first payment on account for 20/21 tax return.
They have also issued a similar option for VAT payments due between 20 March 2020 and 30 June 2020, you can defer the payments due until a later date and no interest or penalties will be charged. You must apply online to use these options.
The scheme is still set to run till 31 October, with the new flexible furlough now active allowing employers to bring staff back part time while business picks up and they can be furloughed for the remainder of the time.
We know that the impact of COVID 19 has affected many self employed and SME's in a big way, it's been a difficult time for everybody.
