HMRC: Self Assessment payment on account deferral scheme open to ALL taxpayers

The Self Assessment payment on account deferral scheme will apply to all taxpayers, not just the self-employed, it has been revealed.

The scheme had previously been made available to only the self-employed affected by the Covid-19 pandemic.

However, HM Revenue & Customs (HMRC) has now updated its guidance so that all Self Assessment taxpayers can defer 31 July tax payments to 31 January 2021.

The new guidance states: “If you are due to make a Self Assessment payment on account on 31 July 2020 then you are eligible for the deferment. The deferment is intended to assist Self Assessment taxpayers, including those who are self-employed, who are suffering hardship as a result of the coronavirus.”

According to the regulator, this is an automatic offer with “no applications required”. However, “the deferment is optional and any persons still able to pay their second self-assessment payment on account on 31 July 2020 should still do so”.

The measure forms part of the Government’s emergency support package for individuals and businesses who have been financially affected by the coronavirus.

In similar moves, HMRC, Companies House and the Charity Commission have called on individuals, businesses, charities and not-for-profit organisations to come forward and apply to delay statutory deadlines should they feel unable to meet them.

For Self Assessment help and advice, get in touch with our expert team today.

Posted in Blog, COVID-19 Knowledge Hub, HMRC, Tax.