PHTM COVID-19 FINANCE UPDATE


GRANTS VIA SELF-EMPLOYMENT INCOME SUPPORT SCHEME SELF EMPLOYED UPDATE


ment on account. Choosing to defer your payment will not stop you from beingentitled to other coronavirus support that HMRC provides.


The online service for the first grant is now available.


MAKE YOUR CLAIM: https://www.gov.uk/guidance/claim-a-grant-through-the-coron avirus-covid-19-self-employment-income-support-scheme


If you’re eligible and want to claim the first grant you must make your claim on or before 13 July 2020.


FIND OUT ABOUT THE EXTENSION TO THE SCHEME


This scheme is being extended. You’ll be able to make a claim for a second and final grant in August 2020.


However the online service for the second and final grant is not available yet.


If you’re eligible the second and final grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.


You can make a claim for Universal Credit while you wait for the grant. The grant may affect the amount of Universal Credit you get, but will not affect claims for earlier periods. https://www.gov.uk/self-employment-and-universal-credit


DEFER YOUR SELF ASSESSMENT PAYMENT ON ACCOUNT DUE TO CORONAVIRUS


Choose how and when you can delay making your second pay- ment on account for the 2019 to 2020 tax year.


You can defer your second payment on account if you’re: • registered in the UK for Self Assessment and • finding it difficult to make your second payment on account by 31 July 2020 due to the impact of coronavirus


You can still make the payment by 31 July 2020 as normal if you’re able to do so.


HMRC will not charge interest or penalties on any amount of the deferred payment on account, provided it’s paid on or before 31 January 2021.


You will still need to submit your Self Assessment tax return to HMRC on time. https://www.gov.uk/log-in-file-self-assessment-tax-return


IF YOU CHOOSE TO DEFER You do not need to tell HMRC that you’re deferring your pay-


16


You must make your second payment on account on or before 31 January 2021 if you choose to defer. Other payments you may have to make by this date include any:


• balancing payment due for the 2019 to 2020 tax year • first payment on account due for the 2020 to 2021 tax year


You can check payments you need to make towards your next tax bill by signing in to your online account. https://www.gov.uk/understand-self-assessment-bill/payments- on-account


IF YOU WANT TO PAY IN FULL


You can pay your second payment on account bill in full any time between 31 July 2020 and 31 Jan 2021 using the online service. https://www.gov.uk/pay-self-assessment-tax-bill


IF YOU WANT TO PAY IN INSTALMENTS


You need to contact HMRC if you already have overdue tax which you’re paying through a Time to Pay instalment arrangement and want to include your second payment on account in that arrangement. https://www.gov.uk/difficulties-paying-hmrc


If you do not have other overdue taxes, you can make your payment in instalments any time between now and 31 January 2021 by setting up a budget payment plan. https://www.gov.uk/pay-self-assessment-tax-bill/pay-in- instalments


PAYMENTS MADE BY DIRECT DEBIT


If you choose to defer and normally make your payments on ac- count by Direct Debit, you should cancel your Direct Debit through your bank as soon as possible so that HMRC will not automatically collect any payment due. You can cancel online if you’re registered for online banking.


AFTER THE DEFERRAL ENDS


The usual interest, penalties and collection procedures will apply to missed payments. https://www.gov.uk/if-you-dont-pay-your-tax-bill


HOW TO GET HELP


If you’re still struggling to pay your tax bill by 31 January 2021, or you’re experiencing other financial difficulties you can contact HMRC’s Time to Payservice. https://www.gov.uk/difficulties-paying-hmrc


JUNE 2020


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