Income Tax Self-Assessment

Posted on by Jackie Forster of Jaxstar Solutions

For Income Tax Self-Assessment, payments that were due on the 31 July 2020 have been deferred until the 31 January 2021. You are eligible for this if you’re self-employed. It’s also an automatic deferral so there’s no need to fill out an application!

In addition, all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. This has recently been scaled up to ensure all firms and individuals have access to this. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

We would encourage all clients who are forecasting cash-flow issues due to COVID-19 to contact HMRC. They will be looking for a cash-flow forecast that shows the issue to approve payment holidays.

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