A reminder of two announcements by HMRC that will help your cashflow
Payment on Account
HMRC have allowed deferral of the second tax payment on account due for payment on 31st July 2020. The payment will now be due on 31st January 2021 together with any balancing payment for the 2019/20 tax year and the first payment on account for the 20/21 tax year.
No interest or penalties are due if you defer the 31st July payment and of course you may still make the payment voluntarily if you are able to. Your tax statement recently received from HMRC should show the change in due date. Further guidance can be found by clicking here.
Second Self Employed Income Support Scheme Grant Payment
Those eligible for the first SEISS payment will be able to make a further claim from 14th August 2020. The claim will be made in the same way as the first claim and HMRC will contact you nearer the claim date if they believe you are eligible. The second claim is a taxable grant worth 70% of your three month average earnings and capped at £6,750. Further advice can be found by clicking here.
HMRC were notified of a number of scams involving previous grant claims and tax payers receiving alleged phone calls, emails or texts from HMRC.