Strengthening the safety net for those who work for themselves
The Chancellor, Rishi Sunak, said he will ‘strengthen the safety net for those who work for themselves’ with a package of measures to support the self-employed and freelancers, offering improved benefits and tax deferrals.
If you’re due to pay a self-assessment payment on account by 31 July 2020, but the impact of the coronavirus causes you difficulty in making payment by that date, then you may defer payment until January 2021.
You are eligible if you are due to pay your second self-assessment payment on account on 31 July. You do not need to be self-employed to be eligible for the deferment. The deferment is optional – if you are still able to pay your second payment on account on 31 July, you should do so.
This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until 31 January 2021. During the deferral period, you can set up a budget payment plan to help you pay the deferred payment on account when it’s due.
If you’re in temporary financial distress because of COVID-19, more help is available from HMRC’s Time to Pay scheme.
How can we help?
For more information, please contact S4 Financial on 01276 34932 or email [email protected] – we look forward to hearing from you.