HMRC are deferring the Self Assessment payments due on 31 July 2020. Here are the details:
- Applies to all taxpayers
- No application or notification procedure
- No interest or penalties charged
- Government encouraging people to pay as normal on 31 July 2020 if they can
Just be aware that the Coronavirus disruption is most likely to impact 2020/21 tax bills, and July 31 2020 is the second Payment on Account for 2019/20 – so if you defer it now, its likely to catch up with you in January 2021 when the final 2019/20 balance is due. If you’ve been badly affected by Coronavirus then it will be your January 2022 tax payment that will reflect a lower tax bill on reduced profits.