Covid:19 Income Tax Deferrals

Read this blog post to find out about income tax deferrals introduced to help businesses from the ongoing coronavirus pandemic.

Income tax deferral measures were introduced by the Government to help businesses during the coronavirus pandemic. The deferral for income tax self assessment applies to the second payment on account for 2019/20 due on 31 July 2020 which is deferred until 31 January 2021. The deferral is automatic and no application is required.

HMRC has also confirmed that the deferral applies to all tax payers. It is not necessary to be self-employed to be eligible for the deferral.

Please note that the deferral is optional – some taxpayers may prefer to make the July payment to avoid a larger payment in January 2021.

AJN Accountants are specialists in helping contractors, freelancers and small businesses to save tax and time.

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