Where is that glimmer of hope for the Self-Employed?

sheramber

Your tax due for 2019/20 is on income you have received.
Payments on account for 2020/21 are based on the assumption that you your income will be the same or more for 2020/21.
If this will not be the case you can request to reduce the payments on account. But if you reduce them and they later prove to be due  when your tax return is submitted your will be charged interest on the under paid amount.
Submitting your tax return asap after 6 April will mean your 20/21 tax bill will be calculated possibly before the second payment on account is due in July..

macgirl

Thanks sheramber
Yes, I've already had this conversation with my accountant and would rather just pay it now. 

macgirl

I just wanted to update this as I've received notification that I've been awarded a grant from the council.
Don't know how much yet, but I'm very grateful and wanted to let other people who have missed out, know that there is help out there.
Thanks to all that replied :-)