Generally self-employed individuals who file an annual tax return under self-assessment are required to make two ‘payments of account’ during the year, which are advance payments on their tax bill: by 31 January and by 31 July.31 In his statement on 20 March the Chancellor announced that the next self assessment payments will be deferred until January 2021.
All income tax payments due in July 2020 under self-assessment are deferred to January 2021. All selfemployed persons are eligible, and do not need to make an application for deferring this payment. No penalties or interest for late payment are to be charged in the deferral period.
Details are given on the Government’s Business Support site to view further details please click here.
HMRC has set up a dedicated COVID19 helpline for advice and support. The helpline number is 0800 0159 559. Opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 4pm. The helpline will not be available on Bank Holiday