Income Tax Payment Deferrals
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The government has just announced measures that will allow for the deferral of income tax payments that would have become due on 31 July 2020.
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Most self-employed people and company directors will pay taxes as determined via their self-assessment tax return.
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This will take the form of a larger payment in January and in cost cases additional payments on account in January and July.
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Under this new assistance in light of the coronavirus outbreak, tax payers who have a July payment in account need not make this payment.
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Instead of paying this amount of 31 July 2020, tax payers can defer this sum until 31 January 2021.
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Please note, this payment will still be due for payment on this date but without any interest or penalties applied.Â
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Ask Us For Help
 We are here to help and have set up a dedicated team to help you during this crisis.Â
If you are considering using this scheme or have any questions regarding this measure, please email coronavirus@switchaccountants.co.uk and we will contact you to discuss your exact situation.