We’re living in unprecedented times, with the Coronavirus crisis causing uncertainty for business owners and employees alike. Our offices may be temporarily closed, but we are still here to provide advice and support to our clients where possible, answering the questions you need to know.

 

Q: Can I defer my Self-Assessment payment?

 

A:

 

The Government is working hard to protect businesses who are taking a financial hit during the Covid-19 crisis. As part of the recently announced support schemes, firms who are due to pay a self-assessment payment on account by 31 July 2020 and are struggling financially have the option to defer until January 2021.

 

You are eligible for deferral if you are due to pay your second self-assessment payment on account. You do not need to be self-employed to be eligible for the deferment.

 

As with VAT payment deferrals, this is completely optional, and if you feel it possible for the business to pay then you should do so.

 

Again, you do not need to apply for this deferral and no penalties will be charged.

 

There is also the option to set up a budget payment plan during this period, which may aid in paying small, affordable chunks of your bill when it is due.