Submitted by Hannah Martin on Wednesday 4th November 2020
Published on Tuesday 5th January 2021
Current status: Closed
Closed: Monday 5th July 2021
Make the 2021 second payment on account optional for self-employed taxpayers.
Self-employed taxpayers would instead pay 50% in January 2021, as usual, and a balancing payment in January 2022. This would mean that the self-employed would only have to pay tax on their actual earnings, reflected in their 2020/21 Self Assessment.
Overpaying tax will put a further financial strain on the self-employed who have been hit hard by the pandemic. By making the second payment on account optional and allowing taxpayers to pay the remainder in the balancing payment in Jan 2022, HMRC will be leveling the playing field between self-employed and PAYE taxpayers and giving people greater control of their cash flow.
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