Those due to make their second self-assessment payment on account for the 2019 to 2020 tax year can opt to delay their payment.
You have the option to defer your second payment on account if you are:
- registered in the UK for Self-Assessment and
- finding it difficult to make your second payment on account by July 31, 2020 due to the impact of coronavirus
You can still make the payment by July 31, 2020 as normal if you are able to do so.
The June 2020 Self-Assessment statements showed January, 31 2021 as the due date for paying the July 2020 Payment on Account.
This is because HMRC updated their IT systems to prevent customers incurring late payment interest on any July 2020 Payment on Account paid between August 1, 2020 and January 31, 2021.
The deferment has not been applied for all customers by HMRC and it remains optional.
HMRC will not charge interest or penalties on any amount of the deferred payment on account, provided it’s paid on or before January 31, 2021.
For further information contact Nick Charnley, tax manager at Ellis & Co on 01244 343504.