Ocean Village

Individuals and the Self Employed

30 March 2020

  • The Government have produced more information to assist landlords, tenants and local authorities
  • 4 Banks are not taking security on lending up to £250k via the British Business Bank

26 March 2020

  • The Government announced support for the Self Employed through the Self Employed Income Support Scheme (SEISS). Our guide provides more information.
  • Banks have also agreed to interest-free overdraft buffers for those that need it. Find out more information on the Money Saving Expert website.

Deferral for income tax self assessment

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.

You do not need to be self-employed to be eligible for the deferment. The current understanding is that the deferral applies to any taxpayer in the 2018/19 tax year on which the payment on account, due on 31 July 2020 is based.  No penalties or interest for late payment will be charged in the deferral period.

This is an automatic deferral and no application is required. Any taxpayer that qualifies for the deferral and has already set up a direct debit mandate for the payment on account due on 31 July 2020 should consider cancelling it.

Self assessment returns should still be filed by their due date and it may be advantageous to file the 2019/20 return as soon as possible after 5 April 2020. This might facilitate planning for the tax payment due in January 2021 and perhaps crystallise any refund due, including as a result of any loss relief available.

23 March 2020

  • An update from the Government for the Self Employed
  • The Government has confirmed that a £500 million Hardship Fund will be available to those most affected by coronavirus – check with your local council as they are deciding how to allocate the new funding.

20 March 2020

  • Useful guide on what you can claim should you be required to stay at home.
  • The next round of Self Assessment payments due on 31 July 2020 have been delayed until January 2021.
  • More information was published on the Coronavirus Job Retention Scheme and what that means for employers and employees.
  • See our Useful Links page for a list of bank websites if you need to consider mortgage or loan repayment holidays.

19 March 2020

  • Should you now be unpaid or working with reduced pay for a period of time, you may be entitled to state benefits such as Universal Credit, Job Seekers Allowance or Employment and Support allowance. Universal Credit have an online application which can be accessed via their website – https://www.gov.uk/apply-universal-credit

17 March 2020

  • Approach your existing mortgage supplier. Banks are offering holidays on mortgage repayment and are encouraging customers to get in touch to discuss options. This is not underwritten by the government. The impact on your credit score is yet unconfirmed. The exact position regarding eligibility is not yet known.
  • Cut back on non-essential spends, building works, holidays, freeze pension payments (obtain financial advice first).
  • Support for tenants and homeowners: Individuals who are in difficulty due to Coronavirus will receive a three-month delay to mortgage repayments. The Government has also announced a radical package of measures to protect renters and landlords affected by coronavirus, see https://www.gov.uk/government/news/complete-ban-on-evictions-and-additional-protection-for-renters

DISCLAIMER

This page has been prepared for information purposes only. It is not intended as advice and no responsibility can be accepted by Hopper Williams & Bell Limited and its associated companies for any loss resulting from acting or refraining from acting as a result of any material in it.

The HWBulletin

Our HWBulletins cover a range of subjects, including some of the services that we offer and an update of the recent changes that have, or will take place.

Read latest issue.

Accountants Hampshire

Rollout of off-payroll rules to the private sector gets delayed

New Forest

Millions to get a tax cut as national insurance threshold rises to £9,500

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.