COVID 19: Deferring 31 July 2020 Payments on Account
Friday, 17th July 2020
HMRC have already announced that everyone within Self-Assessment is eligible to defer their 2nd payment on account. What a better time to take control of your finances!
Key Points
- Deferral is optional
- No need to notify HMRC
- Pay it if you have not been adversely affected by coronavirus
- HMRC will not charge interest or penalties*
- Any tax due for 19/20 must be paid by 31st January 2021
*conditional on the payment being made by 31st January 2021
Maybe you don’t need to pay it anyway!
Now is the time to get your tax return for 2019/2020 completed so that you know exactly how much you will need to pay on 31st January 2021.
You can read our previous article where we explain the Benefits of Completing your Tax Return Early!
Our Tax Team are fully operational and are ready to process your Self-Assessment Tax Returns. We use up to date software enabling a fully digital completion and submission using our secure portal direct to HMRC.
Why wait until January to find out what your tax bill will be!
Completing your tax return early keeps you in control of your finances, enabling you to manage your cash flow and to plan for the tax liability that will be payable, if applicable.
Remember, if you have already made your 1st payment on account this will reduce the amount to pay, you could even be in line for a refund!
HMRC Guidance
HMRC have recently issued self-assessment statements showing the second payment on account as being due on 31st January 2021 rather than the normal due date of 31st July 2020.
The deferral of the 2nd payment on account is optional and is aimed at those taxpayers who are finding it difficult to make the payment due to the impact of coronavirus.
HMRC will not charge interest or penalties on any amount of the deferred payment on account, provided it is paid on or before 31st January 2021.
GET IN TOUCH WITH ONYX
Need help with your Self-Assessment or unsure of how much tax you owe?
Contact us now or e-mail us at enquiries@onyxaccountants.co.uk for a FREE no obligation consultation.
Got any questions or queries? Our friendly team of tax specialists are happy to help. Just drop us a line! Call us on 0121 753 5522 or 01902 759 800.
Keep up to date with the latest announcements by visiting our dedicated page https://onyx.accountants/covid/
