Self-assessment tax payments

The government has offered help to the self-employed by announcing that individuals with payments on account due on 31st July 2020 can defer these payments until 31st January 2021.

This offer is automatic, and no applications need to be made. Provided the payment is made by 31st January 2021, there will be no penalties or interest charged.

It is important to stress that at the moment; this is only offered to the self-employed and not just those in self-assessment which means individuals such as landlords are still liable to make their normal payments.

Payments on account are calculated based on your previous years tax bill so if you feel that the payments on account for 2019/2020 are going to be too high anyway, we suggest asking us at Harvey, Telford and Bates to prepare your 5th April 2020 tax return as soon as possible so that you know exactly what your upcoming tax liabilities will be.

HMRC have also scaled up their time to pay.

Danielle Harvey, Director of Harvey, Telford and Bates comments on the self-assessment tax payments:

“Our experts are able to give you peace of mind with your tax returns. If you feel that you would like assistance or guidance on this issue, please get in touch with us as soon as possible.”

If you are in temporary financial distress and worried you might be unable to pay an upcoming a tax payment due to COVID-9, please call HMRC’s dedicated helpline on 0800 0159 559.

To get in touch with Harvey, Telford and Bates on self-assessment tax payments, please call us on 01743 462604 or email us at hello@htbaccountants.co.uk 

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