News
Reminder: Deferral of second payment on account
17 July 2020
Those facing financial difficulty as a result of COVID-19 are being reminded that they can defer their second 2019/20 self-assessment payment on account, normally due at the end of July, until 31 January 2021.
To benefit from this deferral, taxpayers do not need to contact HMRC. Simply by not paying their tax bill due by 31 July 2020 they will opt into the deferral scheme.
Therefore, the only action taxpayers may need to take is to cancel their direct debit if they have one set up for their payments on account.
Where no payment is received, HMRC will update its systems to show the payment as deferred. HMRC has confirmed no interest or penalties will be incurred, providing the outstanding amount deferred is paid in full by 31 January 2021.
HMRC is reminding those using the deferral that not only will the amount be due on 31 January 2021, but they will also need to pay any 2019/20 balancing payment and first 2020/21 payment on account at the same time.
Those who believe they may struggle to pay these three separate payments in full in one go can contact HMRC about paying these combined amounts in instalments.
Those wishing to make a payment as normal have been advised that they can do so as normal as well if they do not believe they require the deferral.
Case Studies
-
Cut above the rest in personal management style
-
A shared passion for architecture and a head for numbers
-
Taxing demands with old school charm
-
A taste for growth, a thirst for knowledge
-
Customer care is top of the list for packaging business
-
Smiles all round for dental practice
-
A modern approach required for music moguls
-
Sometimes a business does exactly as it says on the tin
-
Child's play with proactive accounts management